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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
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