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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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Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
Sunday, 20 November 11
THE FREIGHT MARKETS EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The market continued to move up with all sectors gaining except for handy size.
The BDI was up by 3.26 pct and closed at 1895 poin ...
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- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
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