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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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Thursday, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
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 Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
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- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- White Energy Company Limited
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- The University of Queensland
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
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