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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, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
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- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
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