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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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Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
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- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
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