U.S. coal consumption fell 8 percent in the week ended yesterday from the previous seven-day period, according to an analysis by Genscape Inc. Power plants in the East reduced coal use by 10 percent while consumption in the West gained 1.8 percent, the data provider said. Overall coal use to generate electricity was down 6.7 percent from a year earlier, Genscape said. Genscape says it monitors coal use in real time at U.S. power producers with a device that’s installed at the plants. The U.S., which holds the world’s largest reserves of coal, relies on the fuel for about half of...

U.S. coal consumption fell 8 percent in the week ended yesterday from the previous seven-day period, according to an analysis by Genscape Inc. Power plants in the East reduced coal use by 10 percent while consumption in the West gained 1.8 percent, the data provider said. Overall coal use to generate electricity was down 6.7 percent from a year earlier, Genscape said. Genscape says it monitors coal use in real time at U.S. power producers with a device that’s installed at the plants. The U.S., which holds the world’s largest reserves of coal, relies on the fuel for about half of...

Steel prices in the UAE have reached Dh2,150 a tonne this month after increasing every month since last December. This growth has brightened prospects in terms of the capacity of mills to operate at full capacity, according to Danube Building Materials, a company dealing in construction, building materials and shop-fitting. Local steel suppliers are expected to reinforce their presence in the regional market as scrap prices continue to climb, costs of raw materials steadily increase, and billet supplies remain limited. Further price increases are likely in the coming months, Danube says. Th...

Steel prices in the UAE have reached Dh2,150 a tonne this month after increasing every month since last December. This growth has brightened prospects in terms of the capacity of mills to operate at full capacity, according to Danube Building Materials, a company dealing in construction, building materials and shop-fitting. Local steel suppliers are expected to reinforce their presence in the regional market as scrap prices continue to climb, costs of raw materials steadily increase, and billet supplies remain limited. Further price increases are likely in the coming months, Danube says. Th...

Australian mining giant Rio Tinto is interested to set up a joint venture with Aluminum Corp of China, the largest alumina producer in the country, sources reported. Reportedly, Rio Tinto CEO Tom Albanese will meet executives of Chinalco during a trip to China in late March to discuss the possibility of the JV. It is also said that any deal between the two firms would involve offshore assets, possibly in Mongolia or West Africa. Analysts said that a joint venture with Chinalco would provide the Australian company with an excellent opportunity to get Chinese funding. Chinalco, the largest s...

Like India’s steel giants, China is also showing interest in investing in South Africa’s mining sector. According to the minister of mines in South Africa, China had shown strong interest in investing in the African nation’s mining sector. China, Africa’s biggest emerging market partner, has been investing in the continent’s mining and energy sectors. China is interested in manganese, platinum and uranium. But S Africa is also cautious to see if their investment is going to benefit South Africa. It is critical for the country to ensure its own interest. The Chi...

Platts today launched the world’s first daily metallurgical coal assessments, which the company said would provide assistance in determining contract prices. According to the company, the daily assessments will a demand from both miners and the steel mills for independent daily spot evaluations in the burgeoning Asian market. Platts will provide two assessments, one dealing with hard coking coal loading in Australia for any destination and the other with coal delivered into China from any source. These will complement the company’s existing monthly coking coal assessments and it...

Murchison Metals Ltd has posted a first half loss of $20.3 million, despite record iron ore exports by its 50 per cent-owned subsidiary Crosslands Resources. The result for the six months to December 31 compares to a profit of $17.5 million in the previous corresponding period. Sales revenue fell 24 per cent to $73 million, from $96 million for the first half of 2008/09, on lower ore prices and the stronger Australian dollar. Murchison said iron ore prices fell by an average 29 per cent compared with the first half of 2008/09. The first half result was also dragged down by $32.4 million in...

Australia coal and iron ore producers are leading an international push to radically overhaul the pricing system for their commodities. The price of coking coal and iron ore have traditionally been set on a yearly contract basis, known as benchmarking. But as demand for these vital ingredients of steel soars, miners want to receive much the same for their commodities as that offered on spot markets. The spot prices for coal and iron are almost double that of the contract prices. Resources analyst Tony Parry says it’s an untenable situation, and international steel mills will eventual...

Australian Bureau of Agricultural and Resource Economics (ABARE) on Friday said country’s iron ore and coal exports hit record levels in the final quarter of last year thanks to strong demand from Asia. In a report, ABARE said iron ore exports reached 98 million tones and coal shipments passed 74 million tones, mainly to South Korea, Japan and China. “The record volumes of bulk commodity exports in the December quarter were underpinned by demand from steel mills and power stations in Japan, the Republic of Korea and China,” said ABARE. Australian officials have forecast a ...

BHP Billiton Plc, Anglo American Plc and Xstrata Plc are shipping coal 10,000 miles to China from their Cerrejon mine in Colombia for the first time this year because of surging demand and rising prices in Asia. Cerrejon, the world’s largest open-pit mine of coal for export, started sending coal shipments through the Panama Canal to China after prices became “much better” than those in Europe, Leon Teicher, the venture’s chief executive officer, said in an interview. Cerrejon may also make its first sales to India this year, he said. China’s accelerating economi...

BHP Billiton Plc, Anglo American Plc and Xstrata Plc are shipping coal 10,000 miles to China from their Cerrejon mine in Colombia for the first time this year because of surging demand and rising prices in Asia. Cerrejon, the world’s largest open-pit mine of coal for export, started sending coal shipments through the Panama Canal to China after prices became “much better” than those in Europe, Leon Teicher, the venture’s chief executive officer, said in an interview. Cerrejon may also make its first sales to India this year, he said. China’s accelerating economi...

The Maritime Logistics department at Wilhelmsen Ships Service’s office in Shanghai has just completed the dispatch of a helicopter frame from Shanghai port to Baltimore, Maryland, USA. The 2000 kg helicopter frame was shipped on a RO-RO vessel on 22 February 2010. Wilhelmsen Ships Service undertook of all the procedures from shore to ship. The company managed the terminal handling, lashing, the RO-RO space chartering and the customs documentation for the customer. The shipment marks the start of a cooperation with the internationally known helicopter manufacturer and it is expected that...

The Maritime Logistics department at Wilhelmsen Ships Service’s office in Shanghai has just completed the dispatch of a helicopter frame from Shanghai port to Baltimore, Maryland, USA. The 2000 kg helicopter frame was shipped on a RO-RO vessel on 22 February 2010. Wilhelmsen Ships Service undertook of all the procedures from shore to ship. The company managed the terminal handling, lashing, the RO-RO space chartering and the customs documentation for the customer. The shipment marks the start of a cooperation with the internationally known helicopter manufacturer and it is expected that...

With activities picking up after a huge lull, shipping companies have started to garner attention amongst gain. Great Eastern Shipping (GE) reported 6.6% growth in revenues in the December 2009 quarter to touch Rs 706.3 crore. Higher operating days and firming of freight rates in the December 2009 quarter, especially over the September 2009 quarter helped it to outperform its peers. Revenue days rose to 3,402 days in December 2009 quarter as against 3,268 days in the September 2009 quarter. Excluding the extraordinary gain from the sale of a vessel to the tune of Rs 53.8 crore in the Septemb...

With activities picking up after a huge lull, shipping companies have started to garner attention amongst gain. Great Eastern Shipping (GE) reported 6.6% growth in revenues in the December 2009 quarter to touch Rs 706.3 crore. Higher operating days and firming of freight rates in the December 2009 quarter, especially over the September 2009 quarter helped it to outperform its peers. Revenue days rose to 3,402 days in December 2009 quarter as against 3,268 days in the September 2009 quarter. Excluding the extraordinary gain from the sale of a vessel to the tune of Rs 53.8 crore in the Septemb...

The Board of Directors (the “Board”) of Samudera Shipping Line Ltd (the “Company” or “Samudera”) wishes to announce that on 8 March 2010, the Company’s wholly-owned subsidiary, Silkargo Logistic (Singapore) Pte Ltd (the “Seller”), has entered into a Sale and Purchase Agreement with PT. Silkargo Indonesia (the “Purchaser”) for the disposal and purchase of the Seller’s 49% equity interest in the issued and paid-up share capital of Silkargo LLC (“Silkargo”), a company registered with the Department of Economic De...

The Board of Directors (the “Board”) of Samudera Shipping Line Ltd (the “Company” or “Samudera”) wishes to announce that on 8 March 2010, the Company’s wholly-owned subsidiary, Silkargo Logistic (Singapore) Pte Ltd (the “Seller”), has entered into a Sale and Purchase Agreement with PT. Silkargo Indonesia (the “Purchaser”) for the disposal and purchase of the Seller’s 49% equity interest in the issued and paid-up share capital of Silkargo LLC (“Silkargo”), a company registered with the Department of Economic De...

Mercator Lines is planning to increase its presence in a number of new markets including the bulk, tanker and dredging segments. Reports from India say Mercator Lines Ltd plans to expand in the dredging, bulk and tanker segments in the next 12-18 months. Expansion in its coal mining capacity is also on the cards. “We are trying to increase our presence in the other industries, the idea is in the next three to four years, our income from the other segments should be more than the shipping segment. But the shipping segment is also increasing. It will also depend on the kind of contracts ...

Mercator Lines is planning to increase its presence in a number of new markets including the bulk, tanker and dredging segments. Reports from India say Mercator Lines Ltd plans to expand in the dredging, bulk and tanker segments in the next 12-18 months. Expansion in its coal mining capacity is also on the cards. “We are trying to increase our presence in the other industries, the idea is in the next three to four years, our income from the other segments should be more than the shipping segment. But the shipping segment is also increasing. It will also depend on the kind of contracts ...