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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, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
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- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
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