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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, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
Friday, 08 June 12
MINISTER DENIES COAL EXPORT TAX PLAN, ENDORSES RESTRICTIONS - THE JAKARTA POST
The Jakarta post, one of the leading english news paper in Indonesia reported that, Energy and Mineral Resources Minister Jero Wacik has denied that ...
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- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- The University of Queensland
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- MS Steel International - UAE
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- White Energy Company Limited
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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