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Sunday, 24 March 13
DRY BULK MARKET PROSPECTS OFFER ROOM FOR RESTRAINED OPTIMISM SAYS SHIP OWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 In its announcement regarding its annual performance, ship owner Frontline offered some useful insight on the future prospects of both the dry bulk and tanker market segments. In the dry bulk market, there's room for optimism as a result of an expected sharp decline of newbuilding deliveries over the next two years. "With the same delivery ratio we have experienced over the last three years approximately 60 million dwt should be delivered this year, while the order book for 2014 is 25 million dwt for the entire dry bulk sector" Frontline said.
According to the company's announcement, dry bulk transportation increased by around seven percent in 2012, however, due to the high number of new vessels entering the market, fleet utilization decreased. Given a net fleet growth of approximately 11 percent, the estimated utilization of the dry bulk fleet was on average 83 percent in 2012. Consequently spot earnings were low. The capesize and panamax segments both earned on average approximately $7,650 per day according to The Baltic Exchange. Around 220 capesizes and 375 panamaxes were delivered in 2012, still this was 30 percent lower than the official order book at the beginning of the year. At the same time approximately 90 capesizes and 135 panamaxes were sold for scrap. For the dry bulk fleet as a whole 35 million dwt were scrapped against 95 million dwt of deliveries.
Moving on to the more positive prospects, Frontline noted that "the low spot market presently experienced and relatively high scrap prices should encourage more scrapping. Most forecasters are expecting scrapping to remain at similar levels as last year and consequently net fleet growth could be as low as five percent during 2013. The steel industry and energy coal for utilities are accounting for almost 70 percent of dry bulk transportation. For several years the importance of increased steel production and energy consumption in China and the increased dependence of this country for the dry bulk market have been well known. Also in 2012 iron ore and coal imports showed a remarkable growth. Iron ore increased by around eight percent while coal imports increased by almost 30 percent year on year. This was in spite of a much slower growth in steel and energy consumption (2 percent and 3.4 percent respectively)" said Frontline.
It added that "there are a few factors which make most analysts fairly optimistic for dry bulk demand growth going forward. Quality of Chinese domestic iron ore production is on a steady declining trend. Since 2007 China has invested roughly $85 billion in iron ore mining. Over the same period investments per effective ton iron ore produced has increased from $15 per ton in 2007 to $60 per ton in 2012. Adjusting for falling Fe content, effective iron ore production in 2012 is broadly at the same level as in 2007. Even in a modest steel growth scenario for China most forecasters believe in a continued strong growth in iron ore imports. According to Fearnleys the Capesize fleet (150-200' dwt) totaled 1022 vessels at the end of the fourth quarter of 2012, an increase of 3 vessels from the previous quarter. The order book counted 94 vessels at the end of the fourth quarter compared to 106 vessels the previous quarter, representing 9.2 percent of the Capesize fleet" the ship owner concluded.
In the crude tanker market, Frontline noted that "current market forward rates are approximately $12,000 per day in the first quarter of 2013. Bunkers at Fujairah averaged $615/mt in the fourth quarter of 2012 compared to $650/mt in the third quarter of 2012. Bunker prices varied between a low of $593/mt on November 5th and a high of $655/mt on October 1st. The International Energy Agency's ("IEA") February 2013 report stated an OPEC oil production, including Iraq, of 30.9 million barrels per day (mb/d) in Q4. This was a decrease of 0.5 mb/d compared to the third quarter of 2012, due to lower Saudi Arabian production in November and December. The IEA estimates that world oil demand averaged 91.0 mb/d in the fourth quarter of 2012, which is an increase of 0.8 mb/d compared to previous quarter and the IEA estimates that world oil demand averaged approximately 89.8 mb/d in 2012, representing an increase of 1.1 percent or 1.0 mb/d from 2011. 2013 demand is expected to be 90.7 mb/d.
The VLCC fleet totalled 622 vessels at the end of the fourth quarter of 2012, up from 617 vessels at the end of the previous quarter. 11 VLCCs were delivered during the quarter, six were removed. The order book counted 81 vessels at the end of the fourth quarter, down from 91 orders from the previous quarter. The current order book represents approximately 13 percent of the VLCC fleet. According to Fearnleys, the single hull fleet is 17 vessels, five less than last quarter.
The Suezmax fleet counts 468 vessels at the end of the fourth quarter, up from 462 vessels at the end of the previous quarter. 14 vessels were delivered during the quarter whilst eight were removed. The order book counted 72 vessels at the end of the fourth quarter, which represents 15 percent of the total fleet. According to Fearnley's, the single hull fleet has been reduced from nine to five vessels" it concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 11 April 13
TNEB HAS OPENED 4.2 MILLION TONS IMPORTED COAL TENDER
COALspot.com - TANGEDCO, the state run utility TANGEDCO (formerly known as TNEB), Tamil Nadu state owned electricity company has opened bids to purc ...
Wednesday, 10 April 13
US COAL CONSUMPTION TO INCREASE FROM 889 MMST IN 2012 TO 948 MMST IN 2013 AND 957 MMST IN 2014 - EIA
Based on estimates for the first quarter of 2013, American coal production has continued to decline.
Total production is down 9.9 million short t ...
Wednesday, 10 April 13
DRY BULK FREIGHT RATES SEEN MOSTLY STABLE IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
In its latest report, BIMCO forecast that for the coming six weeks, Capesize time charter average rates will remain subdued around $4,500-8,500 per ...
Monday, 08 April 13
SUB-BIT INDONESIA COAL SWAPS: UPWARD TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 2.71 percent and CFR South China coal shipment&nbs ...
Sunday, 07 April 13
CHARTER RATES ARE UNDER PRESSURE DUE TO DECLINING DEMAND - VISTAAR
COALspot.com - The freight market continued to fall further with all the indices down.
The BDI was down by 5.38 pct closing at 861 points and the ...
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- The University of Queensland
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
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