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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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Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 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 ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
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