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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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Friday, 25 November 11
DISPUTE BETWEEN GIANT MINING FIRMS ENDS IN LAHAT - THE JAKARTA POST
The Jakarta Post reported that, prolonged dispute taking place in the South Sumatra regency of Lahat and involving two giant mining companies PT Buk ...
Friday, 25 November 11
DRY BULK MARKET LOSING STEAM, FAST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s been a week of falls for the dry bulk market this one, leaving ship owners with a sour taste in their mouths, as evidence of a recovery i ...
Thursday, 24 November 11
INDONESIA/INDIA SPMX TC AROUND $ 7/8K AND AROUND $ 12/13.00 PMTS ON VOYAGE BASIS - FEARNLEYS
Handy
Last week ended on a positive note in the Atlantic however the activity levels are somewhat reduced. Owners are asking in excess of USD ...
Thursday, 24 November 11
DRY BULK MARKET KEEPS LOSING STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was lower once again on Wednesday, with the industry’s benchmark, the Baltic Dry Index (BDI) ending the session down by 1. ...
Tuesday, 22 November 11
NTPC TO BUY 2 MMT OF IMPORTED COAL FOR ITS FOUR PLANTS
COALspot.com - NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government of India, the largest thermal power generati ...
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- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
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