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Shipping Monthly Report – March 2011
• The Baltic Dry Index (BDI) rose by 13% to 1251 in February 2011
led by a 38% rise in the Panamax index to 1820. Imports of iron
ore by China increased by 19% MoM to 69.0 MT along with a 3.5%
MoM increase in inventory levels to 84 MT
• The Dirty Tanker Index rose by 38% to 919 levels while the Clean
Tanker Index increased by 12% to 724 level in February 2011
• LPG freight rates for all categories reported a decline except for
VLGC, which reported an increase in February 2011
• Utilisation levels for drill ships, semi-subs and jack-up rigs was
reported at 79%, 85% and 74% in February 2011 as against 78%,
88% and 77% in January 2011, respectively
Outlook
Dry bulkers
Dry bulk freight rates are expected to remain subdued in the short-term
on the back of lower iron ore and coal imports by Japan, which is the
second largest customer for dry bulk commodities after China. In the
medium-term, however, once Japan begins its reconstruction and the
ports are reopened, restarting of coal-based power plants and steel mills
would lead to enhanced demand for dry commodities. This would be
positive for dry bulk freight rates.
Tankers
Crude oil tanker freight rates are expected to decline, particularly in case
of VLCCs as the tanker market is likely to come under pressure due to
weakening of Japanese crude demand following the devastating
earthquake. On the flip side, product carriers are expected to see an
improvement in rates as more refined products are likely to be
transported to Japan.
LPG carriers
LPG freight rates are expected to improve due to increased demand in
April 2011.
Offshore vessels
Utilisation levels for offshore vessels are expected to rise while charter
rates are expected to remain stable in April 2011. Higher capex spend by
major global oil exploration/drilling companies is likely to lead to higher
utilisation levels for offshore vessels.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Shipping Monthly Report – March 2011
• The Baltic Dry Index (BDI) rose by 13% to 1251 in February 2011
led by a 38% rise in the Panamax index to 1820. Imports of iron
ore by China increased by 19% MoM to 69.0 MT along with a 3.5%
MoM increase in inventory levels to 84 MT
• The Dirty Tanker Index rose by 38% to 919 levels while the Clean
Tanker Index increased by 12% to 724 level in February 2011
• LPG freight rates for all categories reported a decline except for
VLGC, which reported an increase in February 2011
• Utilisation levels for drill ships, semi-subs and jack-up rigs was
reported at 79%, 85% and 74% in February 2011 as against 78%,
88% and 77% in January 2011, respectively
Outlook
Dry bulkers
Dry bulk freight rates are expected to remain subdued in the short-term
on the back of lower iron ore and coal imports by Japan, which is the
second largest customer for dry bulk commodities after China. In the
medium-term, however, once Japan begins its reconstruction and the
ports are reopened, restarting of coal-based power plants and steel mills
would lead to enhanced demand for dry commodities. This would be
positive for dry bulk freight rates.
Tankers
Crude oil tanker freight rates are expected to decline, particularly in case
of VLCCs as the tanker market is likely to come under pressure due to
weakening of Japanese crude demand following the devastating
earthquake. On the flip side, product carriers are expected to see an
improvement in rates as more refined products are likely to be
transported to Japan.
LPG carriers
LPG freight rates are expected to improve due to increased demand in
April 2011.
Offshore vessels
Utilisation levels for offshore vessels are expected to rise while charter
rates are expected to remain stable in April 2011. Higher capex spend by
major global oil exploration/drilling companies is likely to lead to higher
utilisation levels for offshore vessels.
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