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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, 24 June 24
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Friday, 14 June 24
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Friday, 14 June 24
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Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
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Thursday, 13 June 24
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- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Australian Coal Association
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
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