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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Deloitte Consulting - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
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