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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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- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- PTC India Limited - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
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