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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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Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
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- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Minerals Council of Australia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
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