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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- The University of Queensland
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
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