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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, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Australian Coal Association
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
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