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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, 21 March 13
HANDY : RBCT ROUNDS FIXED AT $ 9000 + 300K BB - FEARNRESEARCH
Handy
The Atlantic market remains firm with cargoes seen to support healthy rates as per last week. The USG-Feast was at USD 25k and Black Sea-Feas ...
Wednesday, 20 March 13
NTPC TO IMPORT SEVEN MILLION TONS COAL FOR FOUR MONTHS
COALspot.com : NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company has awarded&n ...
Tuesday, 19 March 13
CHINA GAS PRICE REFORMS AND APAC GAS PRICING - FITCH STREET VIEW
Fitch Ratings says pricing reform in the Chinese gas sector is unlikely to materially impact gas distributors' margins, and low gas prices in the U ...
Tuesday, 19 March 13
NEWCASTLE COAL EXPORTS FALL BY 4.27 PERCENT ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,365,561 MT of thermal and coking coal for week ended 0700 hours 18 March 2013, Newcast ...
Tuesday, 19 March 13
SHIP PRICES COULD BE CLOSING IN TO REACH THEIR BOTTOM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
One of the latest developments in shipping asset prices has been the reluctance from shipyards to further reduce their price expectations to higher ...
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- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
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