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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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- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- CNBM International Corporation - China
- PTC India Limited - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
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