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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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Wednesday, 04 January 12
NEWBUILDING ORDERS PICKED UP IN 2011, BUT 2012 EXPECTED TO BE A DIFFERENT STORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) starting the year on a sour note, losing 114 points and ending yesterday’s session, the first of the new year, ...
Wednesday, 04 January 12
MAHAGENCO TO IMPORT LOW MOISTURE COAL
COALspot.com - Maharashtra State Power Generation Co. Ltd. is the state power generation utility owned by Government of Maharashtra, intends to proc ...
Tuesday, 03 January 12
INDONESIA COAL REFERENCE PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the January 2012 coal reference price at US$ 109.29 per ton or US$ 3.3 ...
Tuesday, 03 January 12
WHICH WAY WILL THE DRY BULK MARKET HEAD ON FIRST WEEK OF THE YEAR? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Dry bulk ship owners will be wondering which way will the BDI (Baltic Dry Index), the industry’s benchmark, will head during the first days of ...
Monday, 02 January 12
THE PROMISE OF INDIA: A BRIEF INTERRUPTION? - CLARKSONS / HELLENIC SHIPPING
Future growth in Indian seaborne coal imports has sometimes been considered as one of the largest potential upsides in the currently oversupplied dr ...
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- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- CNBM International Corporation - China
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
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