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Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
 In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billion tonnes in 2012, but it just isn't enough to help offset the magnitude of the newbuilding orderbook and the pace of ship deliveries. In its research, DVB mentioned that so far this year (the fourth year of record breaking newbuilding deliveries) a total of 529 vessels, representing 44.4 million dwt have already been delivered. Another 1,148 vessels of 93.5 million dwt are scheduled for delivery until the end of 2012. This is about 58% of the current orderbook, which stands at 2,001 vessels of 161.3 million dwt, which in turns represents about 25.8% of the current fleet.
As a result, asset values as well as earnings are not expected to recover anytime soon. DVB stated that "we may see the markets bottom by the end of 2013 and remain flat thereafter. However, this is subject to owners not indulging in more newbuilding contracting if they see a seasonal spike in freight rates".
According to the research report, the fleet of dry bulk carriers now stands at 9,251 vessels with a total carrying capacity of 625.5 million dwt. The average age of the fleet is about 11 years and 61.8% of the fleet is less than 10 years of age. In addition, the average age of vessels less than 10 years of age is merely 3.1 years – an extremely young fleet. In dwt terms, Large Capes constitute the largest portion of current fleet while Panamax size vessels have the largest orderbook. The ULBC size range (280K+ dwt) is expanding rapidly and mainly consists of the 400k+ Vale vessels. Thus far, 11 of these behemoths have delivered. In its report, DVB mentioned that "these massive 400K+ dwt vessels will have a negative impact on asset values as well as freight rates not only for this Sub-Sector but for all smaller Sub-Sectors (VLBC, Large Capes and Small Capes) as well. Each of these Valemax vessels can replace about 2.3 three Large Capes from the market, all other things being equal" it mentioned.
In terms of slippage, in 2011 it was calculated by us at about 38%. Even with 40% delays, DVB expects to see more than 1,200 vessels added to the fleet this year. It justifies the oversupply issues by the fact with more than 2,000 different dry bulk ship owners, different strategies and circumstances exist, whether they are commercial or financial. Still, in any case 2010 saw the contracting of 1,259 vessels of 95 million dwt, while 2011 (when one would expect owners to refrain from more orders) saw the contracting of an additional 523 vessels of 38 million dwt, despite oversupply pressures already evident. Fortunately the pace of newbuilding ordering activity has contracted severely so far this year, as orders have been placed for only 68 vessels of 5 million dwt.
Much is to be decided in the demolition stage. Unfortunately, despite the record breaking numbers of tonnage removed from the market during 2011, it still represented just 3.7% of the existing fleet, according to DVB, when in 1986, which was the last peak scrapping year, demolitions represented 7% of the fleet. At the same time, in 2011 for every vessel scrapped, three new ones were added to the fleet as newbuildings. As a result for the market to balance, scrapping activity needs to at least triple from current numbers. DVB urges ship owners to scrap even if prices offered from scrapyards are lower. It said that "owners who cannot realistically survive another couple of years of low freights need to realise this and rise up to the challenge and scrap".
It added that after the negligible scrapping rates of 2007 and 2008, when the market was at its highest, 2009 saw the scrapping of 10.9 million dwt of dry bulk carriers (256 vessels were demolished). Unfortunately, the market's recovery in 2010 saw, once again, a decline in scrapping activity with just 5.3 million dwt of vessels scrapped (121 ships). Finally, in 2011 a total of 379 vessels were scrapped, removing a total of 23.2 million dwt. It was the biggest scrapping year since 1964, but again it wasn't enough for the market to balance, as an additional 97 million dwt of newbuildings were delivered. So far, during the first five months of 2012 a total of 225 vessels of 13.8 million dwt have been scrapped, which means that this year could be yet another record breaker, but it still isn't enough.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
Wednesday, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
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- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
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