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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, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
Monday, 02 July 12
ORPHEUS STRENGTHENS REVENUE STREAM WITH NEW ROYALTY AGREEMENT AT THE B2 COAL PROJECT
Orpheus Energy (ASX:OEG) is pleased to advise that it has executed a life of mine Royalty Agreement with Indonesian mining contractor PT Debbia Mini ...
Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billio ...
Sunday, 01 July 12
AUSTRALIAS CARBON TAX - SUNIL K KUMBHAT
COALspot.com - Climate Change
Climate change and global warming have now become buzzwords the world over. The disastrous consequences for global ...
Sunday, 01 July 12
DSP OF SGX ASIACLEAR OTC COAL SWAP'S THIS WEEKS MOVEMENTS SLIGHTLY POSITIVE
COALspot.com - SGX AsiaClear OTC Coal Swaps have recovered slightly this week and Q4 deliveries are also showing positive direction.
SGX’s ...
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- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Cement Manufacturers Association - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Minerals Council of Australia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
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