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Thursday, 05 January 12
DRY BULK MARKET TAKES A PLUNGE OF LOW ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 As was widely expected the first days of the new year are characterized by significantly low chartering across the board of the dry bulk market, pushing the industry’s benchmark, the BDI (Baltid Dry Index) to new lows. As a result, the BDI took a nosedive yesterday to end the session to 1,552 points, losing a total of 4.43% on the day. The biggest contributor to this loss was the Capesize sector, which was down by an impressive 6.33%, while all other sub-segments were also on the red. The Supramax market was down by 1.55%, while the Panamax down by 1.24%.
Commenting on the Capesize market, the latest weekly report from shipbroker Fearnleys said that “for obvious reasons the market in general has been quiet through the holiday season. Few fixtures were concluded last week, and those few were done at lower levels. The early new year sentiment, together with a number of vessels already in ballast has pressed the market down further. The most recent fixtures from West Australia are down from the USD 11+ level to the upper USD 10´s, with a negative trend. On the front haul, the uncovered demand remaining for January is still unclear, as China is only just back at work, but there are not many vessels that can make January cancelling in Brazil. This could keep a bit of pressure on this leg.
The transatlantic market has not woken up yet. Period has been limited to some renewals in direct continuation for 12-month charter, and at flat USD 17-18k level, but this is not believed to be sustainable” said Fearnleys.
Similarly on the Panamax front, it mentioned that “the Panamax market experienced a slow start to 2012 with holidays still in some countries. Lack of trading in both hemispheres and a growing list of spot tonnage made the rates slip even further. Mid week we see some more cargoes in the Atlantic which should lead to more activity, but most likely not enough to stop the downward trend this week. Most of the major charterers cleared out their program prior Christmas, and we do not expect any major upturn in the market until 2nd half of January. Tarvs now being fixed around USD 14k while the front hauls are paid around USD 23/24k level. In the Pacific the rounds are being concluded at low teens. The period market experienced some more activity at the start of 2012, as more takers are there at the present levels. Some owners are willing to give options to the periods which in turn attract even more interest” said Fearnleys.
Meanwhile, in a separate report at the start of the week, ICICI Securities provided its own insight on the trends which will dominate the shipping this year. According to it, “the shipping industry is currently passing through a downturn, which is likely to be prolonged. A moderation in demand and substantial increase in supply on account of new vessel additions is expected to keep freight rates subdued. Global dry bulk fleet capacity is 540 million dwt and an additional 256 million dwt i.e. 47 % of the existing fleet is likely to be added over the next two years. Global tanker capacity is 470 million dwt and an additional 122 million dwt i.e. 26% of the existing fleet is likely to be added over same period. Hence, there will be a substantial overhang from large fleet additions over the next couple of years. China has been the main driver of commodity demand. Though Chinese demand for coal has sustained, with China’s iron ore inventory at an all time high level of 96.9 million ton (MT), iron ore demand could see moderation over the next three or four quarters. Any slowdown in the Chinese commodity off take could lead to subdued demand for dry bulk carriers and thereby keep a tab on the up move in freight rates. The US and Europe are the main drivers of crude and refined oil products demand. As the recovery in both countries is likely to be modest, the demand for crude/product carriers is also likely to be subdued. Freight rates are expected to be under constant pressure on account of demand moderation and supply overhang. Hence, the operating performance of shipping companies is expected to be subdued.
Companies with high debt and lower fleet utilisation could also report reduction in profitability. However, the offshore shipping segment offers the best play in the entire shipping space on account of firmness in crude oil prices. In CY11, average crude prices have been at UD 111/barrel, which should lead to higher expenditure on exploration & processing leading to higher requirement of oil drilling assets and offshore vessels. Utilisation levels for most categories of rigs have sustained above 80% for major part of CY11. Average utilisation during H2CY11 for drillship, semisub and jack up has been 81%, 87%, and 80%, respectively. Sustained high utilisation levels are expected to have a positive impact on vessel day rates” concluded ICICI Securities.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of vessels in most shipping sectors is so intense that it’s become clear to ship owners that unless they scrap as many of their ...
Thursday, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
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- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- PTC India Limited - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
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