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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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Monday, 11 February 13
NEWCASTLE PORT SHIPPED 23.01 PERCENT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,967,761 MT of thermal and coking coal for week ended 0700 hours 11 February 2013, Newc ...
Sunday, 10 February 13
INDONESIA SUB-BIT SWAPS: "UP" - CFR SOUTH CHINA SWAPS: "DOWN"
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.72 percent W-O-W and CFR South China coal shipme ...
Sunday, 10 February 13
DRY BULK OVERSUPPLY OF TONNAGE SEEN WANING IN THE COMING MONTHS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It seems that the tide could be shifting in the dry bulk market, in terms of tonnage oversupply, according to the latest data figures. This could ex ...
Sunday, 10 February 13
HIGHER BUNKER PRICE PUSHES SEA FREIGHTS FIRM - REDDY
COALspot.com - The freight market was soft and all at same levels with Chinese year holidays next week.
The BDI was slightly down by 0.27 pct ad ...
Friday, 08 February 13
NORTH P&I CLUB WARNS OF LIQUEFACTION RISK FOR BAUXITE CARGOES
The ‘A’ rated 170 million GT North P&I club has warned shipowners carrying bauxite aluminium ore cargoes that they have the potentia ...
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- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Planning Commission, India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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