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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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Wednesday, 27 January 10
PEABODY ENERGY EYES 'RED HOT' ASIAN COAL DEMAND
US miner Peabody Energy has seen already-strong Asian markets become “red hot”, as demand for metallurgical and thermal coal strains sup ...
Wednesday, 27 January 10
KOLKOTTA BASED POWER UTILITY CESC LOOKING FOR 100,000 MT OF COAL FOR MAY & JUNE DELIVERY
COALspot.com (India): Kolkotta based power utility CESC, the flagship company of the diversified RPG group of India, has issued a closed tender to b ...
Tuesday, 26 January 10
FREIGHT COST ERODES INDIA CEMENTS NET
"Freight cost increased from an average of around 14% of sales in the previous quarters to around 20% in the third quarter"
The Decembe ...
Tuesday, 26 January 10
VITOL BUYS EXPORT SPACE AT COLOMBIA SANTA MARTA PORT
Global energy trader Vitol has signed a four-year deal to take export capacity at Colombia's 3 million tonnes a year Carbonsan port in Santa Marta, ...
Tuesday, 26 January 10
AUSTRALIAN FIRM TO MINE COAL IN WEST BENGAL
India Resources Ltd (IRL), a mining firm listed on the Australian Stock Exchange, has decided to enter into contract mining of coal in
India ...
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- Economic Council, Georgia
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- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
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- Sree Jayajothi Cements Limited - India
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- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
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