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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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- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- MS Steel International - UAE
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- The University of Queensland
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
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