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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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Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
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- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- The University of Queensland
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
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