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