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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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Saturday, 24 December 11
CHINAS LEVEL OF GROWTH TO DETERMINE COURSE OF DRY BULK MARKET IN 2012 SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest report, shipbroker Intermodal attempted to find a silver lining in the tough year that was 2011, as well as what one could expect from ...
Friday, 23 December 11
SPOT PACIFIC CAPESIZE VESSELS HAVE COMMANDED HIGH PREMIUMS - FEARNLEYS
Handy
Rates in the Atlantic kept stable from last week, with a touch of negativity closer to the end. Less spot cargoes seen, and owners are ...
Friday, 23 December 11
CONTENTIOUS ISSUES IN CONTRACT RENEGOTIATION - THE JAKARTA POST
The government has been renegotiating mining contracts, especially those 30-40 years old, with almost all mining companies, including PT Freeport In ...
Friday, 23 December 11
LANCO JOINS HANDS WITH BUKIT ASAM FOR INDONESIAN POWER PROJECT
COALspot.com - PT Tambang Batubara Bukit Asam, Indonesia's state owned coal miner and Indian based Lanco Infratech Ltd plans to build steam power p ...
Thursday, 22 December 11
RI WILL NOT PLAY CATCH-UP WITH GLOBAL COAL DEMAND - THE JAKARTA POST
The Jakarta Post reported that, the International Energy Agency (IEA) has predicted in its Coal Market Report 2011 that over the next five years, gl ...
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- PTC India Limited - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- The University of Queensland
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
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