Rig Count Update – March 7, 2013
Number of crude oil drilling rigs in the U.S. was quite stable in the last 6 months. On a year level we had a small decrease.
On world scale number of oil & gas drilling rigs changed only for the change in the U.S.
Global Macro Perspectives
Number of crude oil drilling rigs in the U.S. was quite stable in the last 6 months. On a year level we had a small decrease.
On world scale number of oil & gas drilling rigs changed only for the change in the U.S.
Same as with dry bulk, we are long time away from recovery, but I tend to think that overcapacity is smaller in wet cargo.
Baltic Dirty Tanker Index rose 3.4%; Baltic Clean Tanker Index rose 1.2%.
I don’t see any encouraging data for the dry bulk industry, we are probably years away from recovery.
Last week Baltic Dry Index rose 4.9%; Capesize Index was down 6.9%; Panamax Index rose 14.0%; Supramax Index was up 8.9%; Handysize Index rose 8.5%.
China steel and coal inventories edged up while their prices moved down. Iron ore inventory on the other hand moved down, while price showed some signs of recovery. Overall the demand in these markets seems weak.
The fleet is growing slower in tankers than in dry bulk and the order-book is smaller in proportion to the fleet size. The difference is that the volumes are more stable in wet cargo, so overall maybe a bit better situation than in dry bulk, but the diagnose is the same: a lot of scrapping needed to induce some recovery.
Baltic Dirty Tanker Index fell 11.1%; Baltic Clean Tanker Index fell 4.6%.
Almost half a year passed since my last post. I have to say I miss my blogging, so one of my New Year decisions was start over, probably not with intensity as in the best days…
In the mean time we had a wild ride with equity and most of the other prices in China, but ultimately (concerning shipping) the result is that we are about where we were 6 months ago, only the dry bulk fleet now is even bigger.
ISM Manufacturing Index was reported at 49.7 vs. prior reading of 53.5 and consensus of 52.0.
HSBC/Markit PMI fell from 48.4 to 48.2.
It’s been a while a posted my last post. My day job has become really exhaustive and it’s quite difficult for me to find time to write. I hope I will manage to post at least a couple of posts per week in the future.
In the mean time all things China (including shipping) has deteriorated further.
Baltic dry index rose 2.7% last week; Capesize Index was up 3.0%; Panamax Index fell 6.1%; Supramax Index was up 6.6%; Handysize Index rose 2.0%.
Iron ore inventory at Chinese ports mostly flat, price moved lower. Steel stockpiles fell further, but remained at elevated levels while price moved lower. Thermal coal inventory at all-time high, price moved lower.
HSBC/Markit PMI fell from 49.3 to 48.7.
Large discrepancy between HSBC/Markit and “official” PMI.
Baltic Dirty Tanker Index rose 0.7%; Baltic Clean Tanker Index rose 0.3%.
Baltic dry index rose 0.3% last week; Capesize Index was up 1.2%; Panamax Index fell 3.6%; Supramax Index was down 0.4%; Handysize Index rose 3.7%.
Iron ore inventory at Chinese ports mostly flat, price moved lower on risk-off. Steel stockpiles fell further, but remained at elevated levels while price moved marginally lower. Thermal coal inventory rose, price remained unchanged.
The most broad measure of money supply – M2 rose 17.5% y-o-y in April vs. 18.1% rise in March.
Chinese banks issued CNY 682 billion of new loans in April vs. CNY 1,010 billion in March and consensus of CNY 780 billion. New loan issuance first four months this year is 4.9% higher than in first four months 2011.
China retail sales rose 14.1% y-o-y in April vs. 15.2% March reading. Consensus was at 15.1%.
China fixed asset investments were up 20.2% y-o-y in April; March reading was at 20.9%. Consensus was at 20.5%.
Lowest reading since 2002.
Industrial production in China rose 9.3 % y-o-y in April; March reading was at 11.9%. Consensus was at 12.2%.
Another bad piece of data.