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BDI fredag 29.05.09 +196 pkt

12406 fcras 29/5 2009 16:17

Baltic Exchange Dry Index 3494 UP 196

BCI Baltic Exchange Capesize Index 6125 UP 523
BPI Baltic Exchange Panamax Index 2900 UP 136
BSI Baltic Exchange Supramax Index 1831 DOWN 1
BHSI Baltic Exchange Handysize Index 864 DOWN 1

30/5 2009 09:32 fcras 012464

Baltic Dry Index Gains 5.9 Percent to Cap Record Monthly Gain

Saturday, 30 May 2009

The Baltic Dry Index, a measure of shipping costs for commodities, climbed every day in May to post its biggest monthly advance on record. The index tracking transport costs on international trade routes added 196 points, or 5.9 percent, to 3,494 points, according to the London-based Baltic Exchange today. The gauge climbed 96 percent in the month.

"It's amazing; the atmosphere is much more positive than it was a few months back," said Herman Billung, chief executive officer of Golden Ocean Management A/S, which operates Norwegian billionaire John Fredriksen's fleet of commodity carriers.

"It's extremely dangerous to underestimate Chinese demand, which we've all had a tendency to do for a few years now."

As well as three straight months of record iron ore imports, Chinese shippers are stepping up purchases of coal and other commodities, Billung said by phone from Oslo today. Ships' asset values are climbing because of the rising market, he said.

The advance in the index was led by capesizes, the vessels most commonly used to haul iron ore to China, the world's biggest buyer of the raw material. They added 12 percent to $67,729 a day. Smaller panamax vessels climbed 4.9 percent to $23,242 a day. Capesizes typically haul about 175,000 metric tons of cargo and panamaxes are half the size.

In December, 20 percent of the fleet was idling because ships couldn't get cargoes, Billung said. Today, 20 percent are waiting to dock because of port congestion, he said.

Capesize forward freight agreements, contracts settled by the bourse's daily prices, gained 5.9 percent to $48,500 a day for the third quarter, according to London-based Simpson, Spence & Young Ltd. Panamax FFAs for the same period added 7.5 percent to $21,375 a day.

Source: Alaric Nightingale, Bloomberg

30/5 2009 11:06 fcras 012467

Capesize market 'red hot': Baltic

May 30,2009 00:00 by bjaques

London: The Baltic Exchange reports that the capesize market is "red-hot for now with no end in sight as more cargoes pile into the market and tonnage is 'incredibly tight' in the Atlantic."

A 170,000-tonne 1997-built vessel open mid June on the Continent fixed for a trip via Brazil to South Korea at $90,000 daily - and a $100,000 daily does not seem far off, it says.

"Chinese demand continued to dominate, but per-tonne miles has a key role to play in the dynamics of this market. In the east, Rio Tinto and BHP Billiton now as in the past week, have an insatiable appetite for tonnage and the queues of ships outside Chinese ports lengthen as the stockpiles grow." [30/05/09]

30/5 2009 14:59 fcras 012481

BULK - Colossal coal deal links China and Australia
Source: Xinhua | 2009-5-28

AUSTRALIAN mining magnate Clive Palmer announced a massive coal deal with China yesterday that will require building Australia's largest thermal coal mine.

The project, called "China First," will mine 1.4 billion tons of coal in the Galilee Basin, southwest of Mackay in central Queensland in east Australia.

Palmer revealed it would cost US$5.1 billion and employ 6,000 people to get up and running by 2013. It will require 490 kilometers of new rail lines and extensive port construction.

Palmer said his company, Waratah Coal*, had entered into a memorandum of understanding with China's Metallurgical Corporation of China to develop the project.

"MCC has agreed to be the engineering, procurement and civil contractor of the project by providing a fixed price, lump sum construction price for the entire project," Palmer said. "They have also agreed to arrange debt funding of up to 60 percent of the total capital cost."

MCC has guaranteed it will purchase 30 million tons of coal per annum.
Waratah Coal*