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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- PTC India Limited - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Australian Coal Association
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
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