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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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Sunday, 31 March 13
COAL FREIGHTS ARE IN FLAT TO WEAK TREND - VISTAAR
COALspot.com - This freight market after several weeks of firming up seemed to lose steam and this week all the indices were down except for handy s ...
Friday, 29 March 13
SUB-BIT INDONESIA COAL SWAPS: UP 0.55 % WOW; CFR SOUTH CHINA COAL CONTRACT: UP 0.23 % WOW
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.55 percent and CFR South China coal shipment&nbs ...
Thursday, 28 March 13
SHIP OWNERS KEEN ON ACQUIRING SECOND HAND TONNAGE, AS WELL AS NEW BUILDINGS IN CONVENTIONAL SEGMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The recent rally of the Baltic Dry Index (BDI), coupled with renewed optimism, at least in some parts of the wet market, have prompted many ship own ...
Wednesday, 27 March 13
PTBA HAS CONCLUDED US$ 16.14 BILLION WORTH OF COAL SALES AND PURCHASE AGREEMENT WITH PLN
COALspot.com - PT. Bukit Asam, a 32 years old Indonesian state owned coal miner has signed a coal sales and purchase agreement with PT PLN, (a state ...
Wednesday, 27 March 13
SHIPPING CONFIDENCE REACHES HIGHEST LEVEL FOR TWO YEARS - MOORE STEPHENS
Overall confidence levels in the shipping industry recovered to their highest level for two years in the three months ended February 2013, according ...
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- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- The University of Queensland
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
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