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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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- Posco Energy - South Korea
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- The University of Queensland
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
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