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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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Thursday, 19 January 12
SOUTHGOBI RESOURCES SELLS MORE THAN FOUR MILLION TONNES OF COAL IN 2011, 58% MORE THAN 2010
COALspot.com - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) has successfully complets year 2011 on guidance in terms of coal sales and production.
...
Thursday, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
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- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
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