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Tuesday, 03 July 12
DRY BULK MARKET INCHED FORWARD AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market inched forward at the beginning of the new week, prior to the US holidays regarding the celebration of the 4th of July, which is bound to keep the market a bit on the lull side. Still, the industry’s benchmark, the BDI (Baltic Dry Index) was up by 9 points on Monday to 1,013 points, further establishing its position above the “psychological” mark of the 1,000 points. The biggest leader of the new rise was the Capesize market, with the Capesize Index up by 14 points, to 1,204. Small gains were also evident in both the Panamax and the Supramax segments, with the Handysize market remaining stable versus the Friday’s closing.
In a report last week, DVB Bank mentioned that the BDI’s average during 2011 was 1,529 points, which in turn was 44% below the 2010 average of 2,758 points. So far in 2012, the average is below 950 points and is indicative of the dire position that the market has found itself, as oversupply has “drowned” freight rates. DVB sees a sustained downward trend, stating that even delays caused by port delays and congestions and an increase in demand for dry bulk commodities, haven’t been enough to help absorb the new tonnage which is entering the market at a frenetic pace.
It’s worth noting that so far this year a total of 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 a separate note, Commodore Research & Consultancy noted that the latest Tropical Storm Doksuri, was expected to make landfall near Hong Kong and should bring even more torrential rainfall in southern China. “Southern China (which is where the majority of China's hydropower is produced) has recently received a very large amount of rain. Last week, the vast majority of southern China received at least 85 millimeters of rain, with some areas receiving as much as of 150mm. This was an extremely large amount. In comparison, all of China received an average rainfall of 68.5mm of rain in May. Chinese hydropower production is poised to continue to rise, which will put added pressure on Chinese thermal coal demand. Chinese demand for imported thermal coal cargoes has remained low and is poised to stay low for the next several weeks. Chinese hydropower production totaled 66.5 billion kilowatt hours in May, which was 22.7 billion kwh (52%) more than produced in April and 15.1 billion kwh (29%) more than produced in May 2011. For June, we expect hydropower production will end up totaling between 70 to 80 billion kwh. In July, hydropower production stands a good chance of setting a new record. The current record is 82.7 billion kwh produced in July 2010.
Going forward, Chinese thermal coal demand is poised to stay low in the near term due to the ongoing surge in Chinese hydropower production (and also due to the robust amount of coal that remains stocked at Chinese ports and power plants)” concluded Commodore Research & Consultancy.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
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- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Australian Coal Association
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
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