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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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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
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