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Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
 The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous day. The capesize segment lost 62 points to reach 3,936, while the smaller panamax market gained 9 points to reach 3,900. Still, the irregularity observed during the previous weeks, when a panamax vessel could command higher fees than a comparative capesize has been eradicated after last week’s rally.
Still, in just one week the cape market has regained most of the ground lost since mid March, with the BCI closing on Friday at 3,936 points (+698 or +21.6% week on week) said Barry Rogliano Salles in a latest report. “This surge has been achieved on the back of short tonnage lists in the Atlantic and a rush for fixing before the Chinese/ Japanese holidays. However, the enthusiasm went a little down on Friday’s little downward correction. There was some increased period activity for one year duration, done in the mid 30s level, up from the low 30s of the previous weeks” said the report.
Summarizing the latest developments affecting the dry bulk market, BRS said that the project supported by the Australian Government to raise a so-called “resource rent tax” has come as a shock for the iron ore miners. Apart from the immediate reaction of the stock exchanges towards mining shares, the miners themselves have warned authorities that this tax (if implemented) could freeze a big share of their development projects.
“Analysts already predict that this tax could prevent some M&A initiatives to go further and decide some foreign investors to revise their plans. At the same time in China the CISA has called for a tax cut on domestic mining and a development of local supply. On the iron ore market, most players seem to be bearish about price evolution and wait-and-see attitude prevails for the moment. Lack of clear direction has also been the case for dry bulk shipping markets where despite a rate hike for Capes over the last 5 trading days, the week ended on a softer note.
Rumors have started circulating about a merger project by Glencore with Xstrata (of which they already won 34%) which could rocket the group to the top of the world commodity players’ ranking. No comments have so far been obtained from the two groups but according to analysts this project could be a key part of Glencore wider restructuring plan” said the shipbroker.
Still, in a recent report by N.Cotzias Shipping Group, we had noted that capes could very well be in for a run. “The fundamentals tell us that the Steel demand in China that leads the Iron]Ore Demand/Supply “tug of war” is there strong, and although China has reduced its iron ore imports from India due to an increase in excise duty and low grade imports into the country, overall trade has picked up, causing BDI to remain steadily in the range of 3k.
The past 2-3 weeks we have seen the Chinese Iron/Ore importers with the backing of the CISA, to be playing a nerve racking tactical cold war game with the giant Miners and Iron/Ore exporters. We strongly believe it is time that the flow returns to the normal levels and this "artificial" scarcity and shortage in the demand that was triggered partly as a boycott threat, cum pressure, will be resolved soon.
It is not a common secret after IMF released last week the latest word growth figures, that China's GDP growth estimate for 2010 is in double figures of 10%, and recent trade figures show that the improrts of Iron/Ore will exceed in volume those of 2009 by 7%” reaffirmed the report.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 11 May 10
DRY BULK RATES SHOOT UP ON STRONG CARGO DEMAND
The dry bulk industry’s benchmark, the Baltic Dry Index (BDI) has kept its momentum, as predicted by analysts and shipping experts, managing t ...
Saturday, 08 May 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND PANAMAX / $ 21500 & SUPRAMAX / $ 18500 PER DAY - VISTAAR SHIPPING
COALspot.com: The BDI continued to go up and was up by 7.57 pct even though the stock markets was severely affected with worries on Greek debt crisi ...
Saturday, 08 May 10
MAHAGENCO TO IMPORT 3.35 MILLION TON OF COAL
COALspot.com: Indian utility Maharashtra State Power Generation Co. Ltd. is in market for 3.35 million tones of imported coal. The purchase of coal ...
Saturday, 08 May 10
NAPOCOR BUYS 122,000 TONS COAL - ABC CBN NEWS
ABC - CBN News reported that, State-run National Power Corp. (Napocor) said on Thursday it awarded 2 contracts for the supply of a total 122,000 ton ...
Saturday, 08 May 10
RICHARDS BAY COAL SHIPMENTS FALL TO AN 11-MONTH LOW - BLOOMBERG
Bloomberg reported that, Coal shipments from Richards Bay Coal Terminal, Africa’s biggest export facility for the fuel, fell to an 11-month lo ...
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- The State Trading Corporation of India Ltd
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- GAC Shipping (India) Pvt Ltd
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- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
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- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
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- Renaissance Capital - South Africa
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- LBH Netherlands Bv - Netherlands
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- Central Electricity Authority - India
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- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
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- Indian Oil Corporation Limited
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- Economic Council, Georgia
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- Vedanta Resources Plc - India
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- TeaM Sual Corporation - Philippines
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- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- White Energy Company Limited
- Samtan Co., Ltd - South Korea
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- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
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- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
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- Marubeni Corporation - India
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- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
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- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- The University of Queensland
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
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- Electricity Authority, New Zealand
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- Sinarmas Energy and Mining - Indonesia
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- Maharashtra Electricity Regulatory Commission - India
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- Power Finance Corporation Ltd., India
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- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
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- Interocean Group of Companies - India
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- New Zealand Coal & Carbon
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- Toyota Tsusho Corporation, Japan
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- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
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- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
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- McConnell Dowell - Australia
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- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
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- Minerals Council of Australia
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