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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
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