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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, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
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