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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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Sunday, 01 January 12
IS INDIA FOLLOWING INDONESIA TO STANDARDIZE COAL PRICES TO GET MAXIMUM BENEFITS?
COALspot.com - Coal India limited, an Indian state owned and world largest coal producer has introduced gross calorific value (GCV) based pricing me ...
Saturday, 31 December 11
GLOBALCOAL NEWC INDEX SURGED 2.32 PERCENT
COALspot.com - globalCOAL index in Newcastle Port, benchmark for Asian market, ended substantially higher, surged 2.32 percent to US$115.47 per ...
Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbun ...
Friday, 30 December 11
CENTRAL GOVERNMENT SHOULD ISSUE PERMITS - THE JAKARTA POST
The Jakarta Post reported that, business associations from both the palm oil and mining sectors have suggested that the central government should re ...
Thursday, 29 December 11
NEW VESSELS DELIVERED ARE FLOODING THE OCEANS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected 2011 has been the year that newbuilding deliveries peaked and kept "flooding" the market, thus supressing freight rates and er ...
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- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- The University of Queensland
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
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