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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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Wednesday, 20 February 13
BAKRIE GROUP LOOKS TO HAVE A CLEAR UPPER HAND - LUCKY ARIESANDI, CFA
The Bakrie-Rothschild saga is entering its final stage, with Bumi Plc (BUMI LN)’s holders to convene on 21 Feb at 11am GMT to vote on Nat Roth ...
Tuesday, 19 February 13
NEWCASTLE PORT SHIPPED 38.65 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 1,820,559 MT of thermal and coking coal for week ended 0700 hours 18 February 2013, Newc ...
Monday, 18 February 13
78.75 MILLION TONS OF COAL RESERVES ARE NEWLY PROVEN IN WUGANG HUNAN PROVINCE
COALspot.com - Recently, Wugang City, known as the CHINA hundred key coal producing cities, achieved new breakthroughs in coal exploration: deep coa ...
Sunday, 17 February 13
STEEL DEMAND WILL HELP TO PUSH UP FREIGHT RATES - VISTAAR
COALspot.com - This freight market has been fairly steady week ended 15 February 2013.
The BDI was slightly up by 0.67 pct closing at 753 points ...
Friday, 15 February 13
2ND ANNUAL INDONESIA MINING 2013 CONFERENCE
Bringing Indonesia's Mining Stakeholders Together Towards Improving Mining Investment Climate & Operations
Following the success of th ...
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- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Sical Logistics Limited - India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
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