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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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Thursday, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
Thursday, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
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- Indonesian Coal Mining Association
- Planning Commission, India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- The University of Queensland
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
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