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BDI mandag 06.07.09 -145 pkt.

14800 fcras 6/7 2009 17:31

Baltic Exchange Dry Index 3375 DOWN 145

BCI Baltic Exchange Capesize Index 6104 DOWN 334
BPI Baltic Exchange Panamax Index 2969 DOWN 58
BSI Baltic Exchange Supramax Index 1716 DOWN 2
BHSI Baltic Exchange Handysize Index 751 UP 2

6/7 2009 17:34 fcras 014802

Monday, 06 July 2009

Despite the protracted financial crisis, China's demand for steel this year is likely to be larger than that of 2008, which could help shore up the global demand, Roland Verstappen, vice president of global steel giant ArcelorMittal said on the sidelines of the Global Think Tank Summit on Saturday in Beijing.

Verstappen's forecast is in stark contrast to an earlier estimate by China Iron and Steel Association, which predicted China’s steel production will fall from 2008’s 500 million tons to 460 million this year.

The global demand is likely to shrink 10 to 15 percent this year, Roland said.

Source: China Daily

6/7 2009 19:06 fcras 014806

Dry burned again
Dry indices suffered once more as both period and voyage fixtures dried up.

The capesize sector was dormant and rates tumbled further for panamaxes, especially out east. There were some firm exceptions in the supramax trade where a Black Sea pick-up went for over $30,000 a day.


Nothing is stopping Armada (Singapore) fixing ships these days as the charterer, under bankruptcy protection, continues to be very active. It spent a relatively high $27,000 per day and a ballast bonus of $575,000 to bring the 69,100-dwt Suryawati (built 1996) on the very short trip from South Africa to India. The continuing monsoon season in the Somali Basin should keep it free from pirate attacks.

Oldendorff spent a large $29,000 daily on the 78,200-dwt Giant Sky (built 2008) to run from India to Japan this month.

There was some appetite for Australian cargoes as the 76,600-dwt Andrea D’Amato (built 2008) attracted $24,000 a day from China to Australia and on to India.

Doing a straight China-Australia roundtrip is the 77,300-dwt Apollo (built 2006) for BHP Billiton.

A similar itinerary but heading back to Taiwan cost China Steel Express $20,000 a day with the 74,700-dwt Aldebaran (built 2000).

Grand China Shipping spent $23,000 a day on a Asia-Pacific journey with the 77,700-dwt Giuseppe Rizzo (built 2004).

And a Japanese player has the 72,400-dwt Shekou Sea (built 1996) for a Pacific voyage at $20,500.

In the period market Glencore paid an unspectacular $17,000 per day for between four and six months with the 68,300-dwt Laconia (built 1987).


The 57,000-dwt Jin Wan (built 2009) got $31,000 a day for a trip from the Med to the Black Sea and Far East.

This is also what Noble paid for a run from the Americas to the Med with the 53,600-dwt Marie Grace (built 2008).

STX Pan Ocean paid $26,500 daily for the 58,500-dwt Tennei Maru (built 2009) to head from West Africa to the Far East stopping off in South America.

And an India-China run cost someone $23,000 with the 56,000-dwt Prabhu Gopal (built 2003).

It was very quiet in the period market but the 45,600-dwt Maria Th (built 1996) was picked up for three to five months at $14,250.

By Eoin O'Cinneide in London
Published: 12:38 GMT, 06 jul 2009 | last updated: 12:38 GMT, 06 jul 2009

7/7 2009 08:46 fcras 014834

Barry Rogliano Salles Weekly Dry Bulk Market No 640

Tuesday, 07 July 2009

Contrasting fortunes in the dry markets last week, with the large ships losing almost 10% as the iron ore talks failed to reach a conclusion. By contrast, the BPI firmed on the back of strong Atlantic activity, rising 7% and breaking through the 3,000 point mark again....................... link

7/7 2009 10:14 fcras 014838

Tuesday, 07 July 2009

Rio Tinto, the world's second-largest iron ore miner, said Chinese buyers were choosing to pay spot market prices for iron ore and it is shipping material from its Western Australian mines at record rates.

Rio said demand for iron ore from Chinese buyers remained strong even though it had not yet struck a deal with the country's steel mills for shipments in the 2009-2010 contract year under the traditional benchmark pricing system.

'We're selling everything we make, we've never been as busy,' said Rio Tinto Iron Ore spokesman Gervase Greene.

Greene said Rio Tinto was selling iron ore to Chinese mills at spot prices after failing to agree annual contact prices.

'Instead of buying under contract, they just choose to buy at whatever the prevailing rate is on the day,' he said.

'At the moment, that's about $82 so we're selling it at a higher price than if they had agreed (to the 33 percent cut) so that's where it's at.'

'We believe in the benchmark system but if, at the end of the day, customers want to pay spot prices that's up to them,' Greene said.

China's steel mills have demanded steeper cuts than a 33 percent reduction in the benchmark price for fines ore that mills in Japan, Taiwan and South Korea have already agreed to.

Spot prices for iron ore are at four-month highs around $82.50 a tonne delivered in China. That is equivalent to around $65 free-on-board and above the new benchmark price of $61 Japanese, South Korean and Taiwanese mills pay.

Because of strong spot prices and deals struck with steel mills outside China, analysts believe iron ore miners, including BHP Billiton and Brazilian giant Vale , are not in a position to offer China deeper cuts demanded by the China Iron & Steel Assocation (CISA).

'Iron ore producers cannot offer China a lower benchmark price than Japanese customers, or risk invalidating the entire negotiation process. A short-term hybrid pricing solution may be announced to save some face for the CISA,' Citi analyst Alexander Hacking said.

Rio Tinto will release its second-quarter production report on July 16, which is expected show that iron ore shipments picked up in the quarter as demand from China grew following a 15 percent fall in the first quarter, year-on-year.

First-quarter shipments from Rio Tinto's Western Australian iron ore mines totalled 39 million tonnes, down 9 percent year-on-year.

'Shipments have picked up dramatically since that low point in February-March to run at 15-16 million tonnes a month,' said Peter O'Connor, head of metals & mining at Deutsche Bank.

'They're pretty confident they're going to get 200 million tonnes plus (from Australian mines) this year.'

Macquarie Group said in a research note on Monday that Rio Tinto's iron ore division generated close to 80 percent of the group's operating earnings in the first half of 2009.

China's imports of iron ore were also running at record levels due to strong Chinese steel production as China increases spending on infrastructure and urban development.

At first glance imports of iron ore appear to have outstripped the requirements of China's steel industry, leading to suggestions that stockpiles may need to be reduced, slowing imports, O'Connor said.

'There may be some destocking in iron ore but everything is telling you the opposite,' he said.

'Spot prices have moved higher, freight rates have moved higher, the June iron imports were close to a record rate, the amount of steel made in June was close to June last year, so it's extraordinary.'

Source: Reuters
Rio Tinto website >