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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
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- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
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- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
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- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
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- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- VISA Power Limited - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
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