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