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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
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