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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
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Friday, 14 June 24
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“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
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The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
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- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Minerals Council of Australia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
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