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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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Monday, 25 June 12
RIO TINTO MAKES FIRST COAL SHIPMENT FROM MOZAMBIQUE
Rio Tinto has started exporting premium hard coking coal from its Benga Mine in the Moatize Basin in Mozambique. The first shipment of 34,000 tonnes ...
Sunday, 24 June 12
SUPRAMAX FREIGHT MARKET FIRMED UP FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - This week all the segments gained and marked was firm in the Supramax and Handy size sector, where as the Cape and Panamax inde ...
Saturday, 23 June 12
COAL PRICES APPETITE FOR ROLLER-COASTER RIDES
COALspot.com - SGX AsiaClear OTC Coal Swaps have suffered something of a roller-coaster ride in terms of prices during this week. SGX’s Indone ...
Friday, 22 June 12
PRESENT SPOT WEAKNESS IS TEMPORARY, SEASONAL AND RISE AS WINTER APPROACHES - BUMI
COALspot.com - PT Bumi Resources Tbk, the world’s one of the largest coal producer and Indonesia’s largest multi grade coal miner has no ...
Friday, 22 June 12
GLOBAL ACTION NEEDED ON ENERGY POVERTY - WORLD COAL
Eradicating energy poverty is possibly the biggest challenge facing the world today. Like climate change it can only be addressed with a concerted g ...
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- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
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