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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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Thursday, 12 July 12
SOUTHGOBI RESOURCES ANNOUNCES NOTICE OF INVESTMENT DISPUTE FILED AGAINST MONGOLIAN GOVERNMENT
Press Release - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi”) announced today that SGQ Coal Investment Pte. Ltd., a wholly ...
Wednesday, 11 July 12
HBA DROPPED SHARPLY IN JULY
COALspot.com - Indonesian HBA fell to lowest level since September 2010 in July 2012. The monthly coal reference price for coal sales this mon ...
Wednesday, 11 July 12
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 1.26 PER TON
COALspot.com - Sub-Bit FOB Indonesia Coal decline for a second day yesterday, according to SGX AsiaClear OTC Coal Swaps. The prices for shipments to ...
Tuesday, 10 July 12
DRY BULK MARKET RECORDS MODEST GAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched a bit higher on Monday, with the Baltic Dry Index (BDI) ending the session up by 5 points to 1,162. Most markets were hig ...
Saturday, 07 July 12
INDONESIA-JAPAN RELATIONS TURN SOUR - THE JAKARTA POST
The Jakarta Post, the one of the leading Indonesian English new papers reported that, Bilateral relations between Indonesia and Japan have recently ...
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- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
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