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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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Wednesday, 04 January 12
NEWBUILDING ORDERS PICKED UP IN 2011, BUT 2012 EXPECTED TO BE A DIFFERENT STORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) starting the year on a sour note, losing 114 points and ending yesterday’s session, the first of the new year, ...
Wednesday, 04 January 12
MAHAGENCO TO IMPORT LOW MOISTURE COAL
COALspot.com - Maharashtra State Power Generation Co. Ltd. is the state power generation utility owned by Government of Maharashtra, intends to proc ...
Tuesday, 03 January 12
INDONESIA COAL REFERENCE PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the January 2012 coal reference price at US$ 109.29 per ton or US$ 3.3 ...
Tuesday, 03 January 12
WHICH WAY WILL THE DRY BULK MARKET HEAD ON FIRST WEEK OF THE YEAR? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Dry bulk ship owners will be wondering which way will the BDI (Baltic Dry Index), the industry’s benchmark, will head during the first days of ...
Monday, 02 January 12
THE PROMISE OF INDIA: A BRIEF INTERRUPTION? - CLARKSONS / HELLENIC SHIPPING
Future growth in Indian seaborne coal imports has sometimes been considered as one of the largest potential upsides in the currently oversupplied dr ...
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- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- The University of Queensland
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
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