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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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Saturday, 07 July 12
EXCESS SUPPLY & WEAK DEMAND KEEP COAL PRICES LOW
COALspot.com - SGX AsiaClear OTC Coal Swaps for August and Q4 deliveries slipped slightly this week. SGX’s Indonesian sub-bituminous coal swap ...
Saturday, 07 July 12
BALTIC INDEX UP ON STRONG CAPE, PANAMAX RATES - VISTAAR
COALspot.com - This week all the segments were firmed up with BDI up by 15.23 pct (up by 153 points) closing at 1,157 points.
The cape index also ...
Saturday, 07 July 12
DRY BULK MARKET NOT ABLE TO FIND SOLID GROUND SAY EXPERTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the second half of each, traditionally looking the most active one, especially in terms of newbuildings being delivered, it's highly unlikely ...
Thursday, 05 July 12
GOVT GETS READY FOR $1.8B SUIT - THE JAKARTA POST
The Jakarta Post, one of the leading Indonesian English new papers reported that, several ministries and the Attorney General’s Office held a ...
Thursday, 05 July 12
DRY BULK MARKET MOVES FURTHER UP THE HILL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its growth momentum by the middle of the week, as the BDI (Baltic Dry Index) rose by an additional 40 points to 1,103 p ...
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- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- The University of Queensland
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
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