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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Bhatia International Limited - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Central Electricity Authority - India
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