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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, 04 June 12
MITRABAHTERA SUBSIDIARY SECURES CONTRACT FROM BERAU COAL - INSIDER STORIES
Insider Stories reported that, PT Mitra Alam Segara Sejati, a subsidiary that is 60% owned by PT Mitrabahtera Segara Sejati Tbk (MBSS), has secur ...
Sunday, 03 June 12
TTI ESTABLISHES COAL TRADING & MARKETING OFFICE
COALspot.com - TTI has officially established its coal trading, marketing-office in Jakarta, Indonesia. PT. Gunung Tinggi Coal is the TTI’s fi ...
Sunday, 03 June 12
FREIGHT MARKET CONTINUING ITS DECLINE
COALspot.com - The BDI continued to fall for the fifth straight week and the BDI fell by 2.57 pct this week closing at 904 points.
The Cape Size ...
Friday, 01 June 12
TNPL HAS SECURED 300K MT OF 6000 GAD COAL AT US$ 81 CNF TUTICORIN
COALspot.com - An India based coal trader Adani has offered the lowest price of US$ 81.00 per metric ton for calorific value of 6000 GAD and 15 perc ...
Friday, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
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- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
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