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Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
 In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up during the first two days of this week, ending yesterday’s session up by 244 points to 4,187. This is very close to the all-time highs of the BDI, since the financial crisis struck the global economy and triggered a crash of the BDI to just 661 points by early December of 2008.
The most impressive rise was noted in the leading cape size market segment, where just yesterday, the BCI (Baltic Capsize Index) shot up by an impressive 637 points to surpass the 5,000 point mark (5,262). On the opposite end, rates for all smaller ship sizes were down yesterday.
In a relative report, Commodore Research & Consultancy, said that “going forward, declining steel and iron ore prices are still a cause for concern and we still remain cautious that dry bulk freight rates will continue to come under pressure in the immediate future. It is encouraging, however, that iron ore stockpiles at Chinese ports have decreased and spot chartering activity increased at the end of the week. Congestion is also high and it is encouraging that global steel production set a new record in April and so far remains firm. Global steel output normally remains robust during the Northern Hemisphere summer and we continue to anticipate a rebound in dry bulk cargo demand in the upcoming months”.
It went on to add that slowly improving conditions in southwest China have allowed hydropower production to increase, which reduces the need for thermal coal, but Chinese demand for thermal coal is expected to remain robust as China enters peak summer demand season and the economy continues to expand at a rapid pace. “In addition, the commencement of Indian monsoon season will result in China needing to import more iron ore from australia and Brazil which will lend additional support to Cape size freight rates.
A decrease in Indian iron ore exports, which are normally carried on Supramax and Panamax vessels, will be partially offset by an increase in Chinese grain imports. Overall, dry bulk cargo demand is in a bit of a lull, but thermal coal and grain demand remain robust and iron ore demand is still firm. The Chinese housing market and real steel consumption must continue to be closely monitored. It seems unlikely that steel and iron ore demand will suffer a sustained decline but spot prices and vessel fixtures must continue to be monitored closely” said Commodore.
Meanwhile, according to the latest official data, China produced 88.1 million tons of iron ore in April, an increase of 8.34mt (10%) from 79.7mt produced in March. Chinese iron ore production usually increases in the same months when China imports a large amount of ore - China imported 55.3mt of ore last month, about 2.7mt (5%) more than this year's monthly average of 52.6mt. Robust ore production in China is likely to continue - but May production may decrease as Chinese ore demand has come under pressure. China will continue to import large amounts of ore, however, as demand is expected to remain firm and domestic ore is of low quality.
In another bullish move for the market, surprise reports emerged for new building orders from both Rio Tinto and BHP Billiton. According to the latest weekly report by shipbroker Barry Rogliano Salles (BRS), Rio Tinto was said to have placed a US$ 500m order at Hanjin for eight 205,000 dwt vessels. Meanwhile BHP is reportedly set to give 10-year charter backing to six vessels of the same size to be ordered by Fortis bank at Hyundai (at a cost of US$ 66-US$ 67m each). “Although we have seen Vale busy in the market, this is the first apparent new building move from the other two mining groups, a strategy in line with the shift towards more CIF-based selling.
While Rio picked up several second hand vessels last year, prices have risen since then, increasing interest in new builds. The US$ 62.5m price tag quoted for Rio’s large Capes is similar to the current Baltic price for a 5-year-old 170,000 dwt Cape. If confirmed, the BHP contract would represent the first ‘Newcastlemax’ tonnage of around 200,000 dwt built by the yard since the early nineties” said the broker.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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