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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- The University of Queensland
- Planning Commission, India
- Antam Resourcindo - Indonesia
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