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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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
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- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
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- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Minerals Council of Australia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
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- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Planning Commission, India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
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