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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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Monday, 26 April 10
COAL INDIA NEARS PORT DEAL WITH VIZAG STEEL - DNA
DNA India reported that, Coal India Ltd (CIL), the country’s largest coal producer, is close to signing a deal to acquire space at Vizag Steel ...
Sunday, 25 April 10
THE WAITING AT INDIAN PORTS FOR COAL VESSELS WAS QUITE NORMAL - VISTAAR
COALspot.com: The BDI remained unchanged this week and all other sectors also the change was not much.
The cape index continued to move up and wa ...
Saturday, 24 April 10
NTPC TO BUY COAL MINES IN KAZAKHSTAN - TELEGRAPH INDIA
Telegraph India reported that, NTPC Ltd plans to acquire coal mines and operate two thermal power plants in Kazakhstan.
“We are exploring t ...
Saturday, 24 April 10
CHINA'S COAL IMPORTS DOUBLE IN MARCH
China's General Administration of Customs said that the country imported 15.22 million tons of coal last month, more than double the amount it impo ...
Friday, 23 April 10
KPCL EYES MINE IN INDONESIA - BUSINESS STANDARD
Business-Standard reported that, Karnataka Power Corporation Ltd (KPCL), the state-owned power generator, is exploring the possibility of acquiring ...
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- The State Trading Corporation of India Ltd
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- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
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- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
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- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
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- McConnell Dowell - Australia
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- New Zealand Coal & Carbon
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- GAC Shipping (India) Pvt Ltd
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- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
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- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
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- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
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- Indonesian Coal Mining Association
- Planning Commission, India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
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- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
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- Larsen & Toubro Limited - India
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- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
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- Attock Cement Pakistan Limited
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