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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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Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
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- PTC India Limited - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Vedanta Resources Plc - India
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