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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, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
Tuesday, 25 May 10
KALIMANTAN COAL RAIL PROJECT RUNS INTO COST DELAY - THE JAKARTA GLOBE
The Jakart globe reported that, A$1.5 billion coal rail and port project planned for Central Kalimantan may be delayed by a year after a review of t ...
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- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- The University of Queensland
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
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