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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, 17 March 13
A WEAK WEEK FOR SUB-BIT INDONESIA COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 2.11 percent and CFR South China coal shipment ...
Sunday, 17 March 13
COAL FREIGHT RATES STEADY ON HIGHER DEMAND - CAPT. REDDY
COALspot.com - This freight market continued to remain firm in all segments.
The BDI was up by 5.81 pct closing at 892 points. Cape index was up ...
Friday, 15 March 13
CHEAP SHIP VALUATIONS DON'T NECESSARILY MEAN ATTRACTIVE SAYS VESSELS VALUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship prices plunging by double-digits in the past few years, many ship owners are pondering their next moves in a market often described as att ...
Thursday, 14 March 13
SUPRAMAX : INDO - INDIA TRIP RATE IS AROUND $10,000; SOUTH CHINA $9500 - FEARNRESEARCH
Handy
Indian market is still quiet in respect of export of iron ore. WC India market has improved with a few stems out of the MEG, WC India opening ...
Thursday, 14 March 13
DRY BULK MARKET KEEPS ON RISING MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has maintained its rising momentum, on the back of increased cargo availability. According to yesterday's figures, the industry ...
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- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
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