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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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Monday, 12 December 11
DRY BULK MARKET LOOKING FOR BALANCE AS WE ENTER 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
During the past few months, freight rates for dry bulk carriers, especially Capesizes have increased significantly, providing ship owners with a muc ...
Sunday, 11 December 11
THE PANAMAX INDEX ENDED ON POSITIVE DIRECTION - VISTAAR
COALspot.com - The BDI and Cape index continued the upward trend this week also with BDI up by 3.00 pct closing at 1,922 points and Cape index up by ...
Saturday, 10 December 11
MAHAKAM RIVER RESUMES COAL TRANSPORTATION
COALspot.com - East Kalimantan local government has resumed limited coal barging through Mahakam River after two weeks of suspension following the c ...
Friday, 09 December 11
DRY BULK MARKET REBOUNDS ON HEALTHIER DEMAND OUTLOOK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged forward yesterday, at the highest rate of the past couple of weeks, as a result of stonger iron ore demand, backed by lowe ...
Thursday, 08 December 11
INDIA MAY SEE 41% ANNUAL GROWTH OF ITS COAL DEMAND DURING THE NEXT 5 YEARS - ICAP SHIPPING
India’s Ministry of Coal expects that India’s coal demand may face an annual 41% rise during the next 5 years, while its coal deficit is ...
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- Wood Mackenzie - Singapore
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
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