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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- PTC India Limited - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Larsen & Toubro Limited - India
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