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Wednesday, 28 April 10
DRY BULK MARKET
 After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Index (BDI) rose yesterday by more than 6% on a daily basis to 3,203 points, with analysts unanimous that stronger iron ore demand from China was the key reason. The BDI now stands at its highest level in more than one month, while reports said yesterday that smaller Chinese steel mills began buying iron ore at quarterly prices agreed by Japan and South Korea, in a move that effectively ends the old benchmark system.
In its weekly report, shipbroker BRS (Barry Rogliano Salles) said that South Africa’s Richards Bay terminal confirmed a sharp rise in Asian exports, which rose to 42% of total shipments in the first quarter of this year, up from 25% a year earlier – due mainly to Chinese and Indian demand.
In Europe, Thyssenkrupp became the first European buyer to confirm it had agreed an iron ore price on a quarterly basis. In line with the Japanese contracts, it also reported a 100% price increase, back-dated to April 1. Commenting on the capesize market prospects, BRS said that the market will continue to watch what impact the new, higher commodity prices will have on demand.
According to brokers quoted by Reuters, high congestion at Brazilian ports had also helped drive rates higher, especially for the larger capesize ships. They added that freight derivatives contract buying had added to the positive momentum. Andrew Dawson, a broker with Freight Investor Services was quoted by the agency saying that "it seems to be a combination of a lack of vessels in the Atlantic and also increased demand from the Chinese. It's iron ore that has driven this push." As a result, capesize vessels, typically the main haulers of iron ore were the principal gainers from yesterday’s upward push in the market. Average earnings rose to $35,109, according to the Baltic Exchange.
In a separate report, JP Morgan Chase & Co. raised its previous estimates on global demand for dry bulk commodities, saying that it will expand by 6 percent in 2010, versus its previous forecast of 3.7 percent. On a similar note, JP Morgan said that it expects iron ore trade growth to reach 11.2%, from an earlier prediction of 5.7%, while coal demand will expand by 5.7%, up from the previous estimate of 3.8%. In other words, the investment bank almost doubled its estimates on global dry bulk trade growth, in what could be translated as a pretty strong sign of the industry’s ability to leap out from the crisis and also face with very increased chances the issue of tonnage oversupply.
On that matter, JP Morgan commented that the increased trade will coincide with half the ships that are scheduled to be built this year being delayed or cancelled, as yards in Asia fail to deliver a record order book on time. “We do not believe that it is even physically possible for the shipyards to meet this robust schedule, with or without financing concerns,” said the report, quoted by Bloomberg.
JPMorgan increased its forecasts for what ships will earn as a result by as much as 33 percent. Panamax ships, the largest to sail through the Panama Canal, will average $21,200 a day this year, up from a previous forecast of $16,000, JPMorgan said. Rates for capesizes, were revised up 3.1 percent to $33,000 a day; supramaxes were increased 22 percent to $17,100 a day, and handymaxes will make $14,700, compared with a prior estimate of $12,000, it said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 08 February 10
BLACK RIDGE MINING APPOINTS INDEPENDENT CONSULTANT
Australian-listed Black Ridge Mining has announced the appointment of David Tuit as an independent consultant to assist with the assessment of the c ...
Monday, 08 February 10
SOUTH AFRICAN EXPORT COAL RISES FOR FIRST TIME IN FOUR WEEKS
Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, posted their first gain ...
Monday, 08 February 10
NTPC HOPES TO START ON 500-MW PROJECT IN SRI LANKA BY FEB-END
NTPC sources told Business Standard, “All formalities from our government and NTPC have been completed.
The opinion of the Sri Lankan atto ...
Sunday, 07 February 10
AN AUSTRALIAN FIRM HAS SIGNED A $60BN DEAL TO SUPPLY COAL TO CHINESE POWER STATIONS
Clive Palmer, chairman of the company, Resourcehouse, said it was Australia's "biggest ever export contract".
Under the deal, the firm ...
Saturday, 06 February 10
FREIGHT WOULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR SHIPPING
COALspot.com (Singapore): The freight market continued to soften this week including the stock markets. The main reason seems to be Chinese ne ...
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- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
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- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
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- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
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- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
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- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
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- ASAPP Information Group - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
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- Anglo American - United Kingdom
- Electricity Authority, New Zealand
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- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
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- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
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- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Planning Commission, India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- The Treasury - Australian Government
- Eastern Coal Council - USA
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- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- The University of Queensland
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- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Minerals Council of Australia
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- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
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- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
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- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
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- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
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- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
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- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
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- Leighton Contractors Pty Ltd - Australia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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