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Shipping Monthly Report – May 2011
• The Baltic Dry Index (BDI) declined by 17% to 1269 in April 2011
due to a 26% fall in Panamax index and a 12% fall in the Capesize
index
• The Dirty Tanker Index declined by 11% to 829 while the Clean
Tanker Index rose by 6% to 892 level in April 2011. A decline in
crude oil imports by Japan following the closure of refineries post
the earthquake led to a drop in crude oil shipments on the key
tanker route TD3 i.e. Saudi Arabia (Ras Tanura) to Japan (Chiba).
However, a rise in import of refined crude products by Japan led
to a rise in demand for product carriers and a resultant strength in
product carrier freight rates
• LPG freight rates across all categories reported a marginal decline
except for VLGCs, which showed a positive momentum in April
2011
• Utilisation levels for drill ships, semi-subs and jack-up rigs was
reported at 80%, 85% and 78%, respectively, in March 2011 as
against 71%, 79% and 73%, respectively, in February 2011.
Utilisation levels showed signs of improvement but did not
translate into a rise in charter rates
Outlook
Dry bulkers
Dry bulk freight rates are expected to remain subdued in May on the back
of lower iron ore and coal imports by Japan, which is the second largest
importer of dry bulk commodities after China. Further, we also expect iron
ore inventory levels to moderate in China, which would lead to pressure
on dry bulk freight rates in May 2011.
Tankers
Crude oil tanker freight rates are expected to remain subdued owing to
the oversupply of tonnage, which would handicap the market. Even if
some demand emerges in the near term, the tonnage available is likely to
weigh on the charter rates and keep them subdued.
LPG carriers
LPG freight rates are expected to move up in May 2011 due to a rise in
LPG/LNG imports by Japan.
Offshore vessels
Utilisation levels for offshore vessels are expected to rise while charter
rates are expected to remain stable in May 2011. High 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 – May 2011
• The Baltic Dry Index (BDI) declined by 17% to 1269 in April 2011
due to a 26% fall in Panamax index and a 12% fall in the Capesize
index
• The Dirty Tanker Index declined by 11% to 829 while the Clean
Tanker Index rose by 6% to 892 level in April 2011. A decline in
crude oil imports by Japan following the closure of refineries post
the earthquake led to a drop in crude oil shipments on the key
tanker route TD3 i.e. Saudi Arabia (Ras Tanura) to Japan (Chiba).
However, a rise in import of refined crude products by Japan led
to a rise in demand for product carriers and a resultant strength in
product carrier freight rates
• LPG freight rates across all categories reported a marginal decline
except for VLGCs, which showed a positive momentum in April
2011
• Utilisation levels for drill ships, semi-subs and jack-up rigs was
reported at 80%, 85% and 78%, respectively, in March 2011 as
against 71%, 79% and 73%, respectively, in February 2011.
Utilisation levels showed signs of improvement but did not
translate into a rise in charter rates
Outlook
Dry bulkers
Dry bulk freight rates are expected to remain subdued in May on the back
of lower iron ore and coal imports by Japan, which is the second largest
importer of dry bulk commodities after China. Further, we also expect iron
ore inventory levels to moderate in China, which would lead to pressure
on dry bulk freight rates in May 2011.
Tankers
Crude oil tanker freight rates are expected to remain subdued owing to
the oversupply of tonnage, which would handicap the market. Even if
some demand emerges in the near term, the tonnage available is likely to
weigh on the charter rates and keep them subdued.
LPG carriers
LPG freight rates are expected to move up in May 2011 due to a rise in
LPG/LNG imports by Japan.
Offshore vessels
Utilisation levels for offshore vessels are expected to rise while charter
rates are expected to remain stable in May 2011. High capex spend by
major global oil exploration/drilling companies is likely to lead to higher
utilisation levels for offshore vessels.
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