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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 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- The University of Queensland
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
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