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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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Saturday, 24 December 11
CHINAS LEVEL OF GROWTH TO DETERMINE COURSE OF DRY BULK MARKET IN 2012 SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest report, shipbroker Intermodal attempted to find a silver lining in the tough year that was 2011, as well as what one could expect from ...
Friday, 23 December 11
SPOT PACIFIC CAPESIZE VESSELS HAVE COMMANDED HIGH PREMIUMS - FEARNLEYS
Handy
Rates in the Atlantic kept stable from last week, with a touch of negativity closer to the end. Less spot cargoes seen, and owners are ...
Friday, 23 December 11
CONTENTIOUS ISSUES IN CONTRACT RENEGOTIATION - THE JAKARTA POST
The government has been renegotiating mining contracts, especially those 30-40 years old, with almost all mining companies, including PT Freeport In ...
Friday, 23 December 11
LANCO JOINS HANDS WITH BUKIT ASAM FOR INDONESIAN POWER PROJECT
COALspot.com - PT Tambang Batubara Bukit Asam, Indonesia's state owned coal miner and Indian based Lanco Infratech Ltd plans to build steam power p ...
Thursday, 22 December 11
RI WILL NOT PLAY CATCH-UP WITH GLOBAL COAL DEMAND - THE JAKARTA POST
The Jakarta Post reported that, the International Energy Agency (IEA) has predicted in its Coal Market Report 2011 that over the next five years, gl ...
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- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- The University of Queensland
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
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