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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- PTC India Limited - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
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