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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, 08 December 11
HAREDA KRIDA GETS CONTRACT FROM BAYAN - INSIDER STORIES
Insider Stories reported that, coal miner PT Bayan Resources Tbk (BYAN), through its subsidiary dubbed PT Gunungbayan Pratamacoal (GPB), has signed ...
Thursday, 08 December 11
CAPESIZES LIFT DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize vessels yesterday helped lift the dry bulk market which had been falling since the start of the week on lower cargo demand. As a result the ...
Wednesday, 07 December 11
ABM INVESTAMA EYES RP6.3 TRIO REVENUE - INSIDER STORIES
Insider Stories reported that, an energy integrated company PT ABM Investama Tbk is eyeing a 1.5 folds increase in revenue this year from Rp4. ...
Tuesday, 06 December 11
DRY BULK MARKET ENDS RALLY, STARTS WEEK WITH FALL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a series of increases which saw the dry bulk market’s benchmark, the Baltic Dry Index (BDI) increasing close to 1,900 points and rates o ...
Monday, 05 December 11
THE DECEMBER HBA FELL 11% FROM ITS PEAK AT US$127.05 PER TON IN FEBRUARY 2011
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the December 2011 coal reference price at US$ 112.67 per ton US$ 3.98 ...
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- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Bhatia International Limited - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Siam City Cement - Thailand
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
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