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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, 30 June 12
THE FREIGHT RATES ARE EXPECTED TO BE STEADY TO FIRM NEXT WEEK - VISTAAR SINGAPORE
COALspot.com – The BDI was up by 2.66 pct (up by 26 points) closing at 1,004 points crossing the 1000 point barrier this week.
The c ...
Friday, 29 June 12
INDONESIAN PRODUCERS ARE PLANNING TO CUT PRODUCTION IF COAL PRICES FALL FURTHER
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 31.54* million tons of coal in May 2012, compared to 31.86* mill ...
Friday, 29 June 12
DRY BULK SHIP OWNERS DOING THEIR MATHS BEFORE PLACING NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With oversupply having plagued the dry bulk shipping fleet since the end of 2011, it’s become ever so evident that placing a newbuilding order ...
Thursday, 28 June 12
DRY BULK MARKET HIGHER ON CAPESIZE OPTIMISM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched a bit higher yesterday, as the BDI (Baltic Dry Index) ended up by 0.71% to 988 points. Most ship types were up, with the ...
Wednesday, 27 June 12
DIRECTORATE GENERAL OF MINERAL AND COAL OF INDONESIA INTRODUCES ON-LINE SYSTEM FOR MINING PRODUCTS EXPORT APPROVAL
COALspot.com - Directorate General of Mineral and Coal of Indonesia has released "Clear and Clean" certificate for another 33 coal miners ...
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- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
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