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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, 07 February 13
CHINA NDRC APPROVED 10 BILLION YUAN POWER GENERATION PROJECTS
NDRC of China currently announced that some of power grid and power station in Jiangxu, Sichuan and Anhui Province would be newly constructed or ext ...
Thursday, 07 February 13
CAPESIZE : MORE ACTIVE WEEK IN THE PACIFIC - FEARNLEYS AS
Handy
The Atlantic market remained stable with no significant movement in rates. Rates from USG to FEast were around USD 18k and Black Sea to Feast ...
Thursday, 07 February 13
WEAK STEEL MARKET MEANS IRON ORE RALLY LIKELY TO END SOON - FITCH
The sharp rebound in iron ore prices over the last couple of months will hurt margins at non-integrated steel producers in the first quarter of 2013 ...
Tuesday, 05 February 13
THE SHIPPING SECTOR IS " NAVIGATING IN STORMY WATERS" - PWC
The vulnerabilities of the global economy have been exposed and have more than played their part in making 2011 one of the worst years of shipping i ...
Tuesday, 05 February 13
NEWCASTLE PORT COAL SHIPMENTS DROPPED BY 10.77 PERCENT W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,412,497 MT of thermal and coking coal for week ended 0700 hours 4 February 2013, Newca ...
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- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- VISA Power Limited - India
- Planning Commission, India
- Australian Coal Association
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
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