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Tuesday, 04 September 12
SHIP OWNERS' COMPETITION LEADS TO TANKER FIXTURES BELOW OPERATING COSTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 Ship owners operating in the VLCC tanker markets are increasingly finding it difficult to obtain even breakeven rates for their vessels, as competition has intensified. In its latest weekly report, Braemar Seascope noted that the willingness of owners to continue the trend of fixing their vessels at below operating costs, means that they are in essence paying for the pleasure of transportation for their clients. "By offering this service they are also increasing their maintenance costs, and it seems that for one reason or another, the "layup" option seems to have been taken off the table. There are a few owners who have said they are unwilling to fix at these levels. However, unfortunately for the three or four who refuse to trade, there are five or six who are willing to accept the prevailing levels. Owners have been adjusting ballast speeds to super-slow and other money saving methods, but this seems to be perpetuating the trend" said the report.
It added that "this week has seen charterers fixing steadily, drip feeding the market. Most cargoes have attracted offers until a full complement of 8-10 has been received and rates of previously done or lower have been concluded. Even in the face of rising bunker prices, PG/West has remained at 280kt x ws23.0 via Cape and in some cases, ws22.0 via Suez. This highlights the fact that fixing via the Suez Canal is a huge saving on bunker costs.
West Africa has been mirroring the PG. Rates are very low and flat at 260kt x ws36.0-37.0 for W Africa/East. W Africa/West has not really been traded as a very depressed Suezmax market has been able to fulfil requirements. From Indian charterers ex-W Africa this week, IOC entered the market for W Africa/EC India off 27-28 September. Charterers took advantage of the continuing pressure being put on rates in this region by the eastern ballasters, and fixed the business at just a whisker under the US$3.0m mark. With the September programme ex-W Africa completed, the Indian charterers are now awaiting the laycans for their early October stems, which we expect to see firm by mid next week. We are assessing W Africa/WC India at US$2.75m and W Africa/WC India at US$3.0m.
The 30 day availability index shows 53 VLCCs arriving at Fujairah, of which five are over 15 years old, compared to last week’s total of 55. So far for September we have seen 59 VLCC fixtures reported from PG, compared with a total of 116 for August. Despite resistance from those owners unwilling to trade, those willing to continue to conclude business at present freight levels are more than sufficient to satisfy charterers’ requirements. It remains to be seen how sustainable present freight levels and daily earnings can be" Braemar concluded on the VLCC markets.
SUEZMAX
Meanwhile, in the Suezmax front this week, the report noted that "the West Africa market maintained reasonable levels of activity without inspiring a noticeable improvement in rates. Cargoes have been taken on by owners rapidly, and the lack of resistance has led to rates mirroring those from last week. West Africa / US Gulf still sits at ws55.0 with the standard 2.5pt mark-up to US Atlantic Coast & UKCont-Med. Whilst most of the early vessels have been accounted for, the 2nd decade of September is overloaded and will soak up any imminent demand. With cargoes entering 3rd decade dates, this does not provide much promise for those owners who have been sitting tight. Unfortunately, with the Mediterranean not offering much respite, it looks like many of those owners across the Atlantic who can make these dates will opt to ballast into the West Africa region and perpetuate or even undercut current rates.
In the Mediterranean, despite a few eastbound cargoes fixing, activity has been low. Voyages to the Far East have been achieving US$2.9m to US$3.0m, with a trip to India fetching US$2.2m. Cross-Med fixtures have been scarce with a short Arzew / Lavera 130kt x ws65.0, offering little perspective on the actual market. Worryingly a Mediterranean –US Gulf run was fixed at just ws47.5. In the Black Sea, a couple of charterers have been active, with a market rate of 140kt x ws55.0 meeting little resistance from either party, and toward the end of the week ws52.5 was fixed to the US Gulf. Whilst the odd fixture east should have lightened the load, the position list is so bloated that realistic owners will want to fix and get out of the market as soon as they can, so eastern runs should be attractive.
Towards the end of last week several cargoes were open in the PG, but these have been whittled down. After last week's enthusiastic climb to ws75.0 PG/West, the crippling effect of a fixture at ws55.0 has continued, with ws52.5 and ws50.0 fixed. There has been flat activity going east, but enough to back up last week's estimation that this market has some legs. 118kt x ws79.0 to East Coast India might not be a great indication of the market, but 130kt x ws77.0 to Vadinar was backed up by 126kt x ws87.0 to West Coast India and hopefully the reasonable levels of activity will relieve the position list and support the market for PG-West fixtures" said Braemar.
AFRAMAX
Finally, in the Aframax market, the company's report said that "with a short fixing week following the UK Bank holiday, general activity has been marginally better than the previous two weeks. However, rates in the Baltic remain unchanged with the market still over tonnaged and demand quieter as expected in the month of August. TD17 remains flat at 100kt x ws60.0 and we expect no change looking in to next week. Cargoes from the ports of Primorsk and Ust-Luga are currently fixing in the 10-15 September window. North Sea demand has been more or less non-existent with TD7 rates also flat at 80kt x ws85.0. In the Mediterranean and Black Sea, it has been a very quiet week again. Compared to the available tonnage, enquiry has been minimal. Owners are accepting in the region of 80kt x ws77.5 for cross Med voyages, and from the Black Sea 80kt x ws79.0, which we estimate is close to breaking even in terms of earnings.
Currently, there is a Black Sea market quote, and with plenty of prompt ships spot in the Black Sea meaning ballast is minimised, we expect a few more points to be shaved off. At present, there are no signs of any improvements in the eyes of the owners. Further west in the Caribbean, with both the Amuay Bay refinery fire and hurricane "Isaac" causing some uncertainty and delays, one would have expected freight rates to move upwards on the back of it. Rates did firm slightly since this time last week to currently 70kt x ws95.0, however the Amuay Bay failed to have much impact and hurricane "Isaac" is not expected to have a lengthy impact. This of course, does not help the market or owners, but many will be pleased that hurricane "Isaac" is not expected to cause the same devastation as hurricane "Katrina" did seven years ago. Looking in to next week, we would expect the market to remain at current levels. It has been an exciting week in the PG with lots of action seen compared to previous weeks. PG/East rates are moving upwards to ws115.0 due to an influx of cargoes in the market, causing the availability of tonnage to thin down. Consequently, owner sentiment has remained bullish.
Indonesia/North Asia rates have softened to ws87.5 due to the current typhoon situation, where charterers are carefully withholding their requirements to avoid vessels missing their dates. Not much change to TD14 this week, with rates firming at ws90.0, providing a TCE of around US$5,700/day. Fixing volume out of NW Shelf to North Asia has been fairly light. Sustainability in rates is highly unlikely as activity slows and the tonnage list lengthens" Braemar concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 10 September 12
TNPL, AN INDIAN PAPER MAKER IS SEEKING FOR 300K MT OF IMPORTED NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 6 Shipments about 50,0 ...
Monday, 10 September 12
DRY BULK MARKET SLOWLY BUT SURELY REACHING CRITICAL STATUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The radical consequences of the shifts in dry bulk demand and prices, especially for the most sought after commodity, concerning the industry, i.e. ...
Monday, 10 September 12
ORPHEUS ENERGY SECURES INDONESIAN COAL TRADING LICENSE
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced today that the Indonesian Ministry of Energy and Mineral Resources h ...
Monday, 10 September 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY / HELLENIC SHIPPING
The European Central Bank left its interest rate unchanged at 0.75% focusing on pushing down borrowing costs in troubled economies, Spain and Italy. ...
Sunday, 09 September 12
H213 SUB-BIT FOB INDONESIA COAL SWAPS ARE TRADING HIGHER
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 0.14 percent W-O-W on 7 September 2012, Friday closing but gained ...
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- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Australian Coal Association
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- White Energy Company Limited
- PTC India Limited - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
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