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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, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- The University of Queensland
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
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