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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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Friday, 19 April 13
FIRST QUARTER OF 2013 PROVEN A POSITIVE SURPRISE FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite ominous predictions regarding the negative performance of the dry bulk market during the – traditionally weak anyway – first qua ...
Thursday, 18 April 13
HANDY: STABLE ; PANAMAX: BUSY WEEK - FEARNRESEARCH
Handy
The Atlantic markets remain stable in this week. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 12k. The Pacific market is bit f ...
Thursday, 18 April 13
FEATURE: PREDICTING THE FUTURE - AND THE PAST - BIMCO
It’s not predicting the future that is problematical, it’s the realisation that you have to relive the past again and again when you fai ...
Wednesday, 17 April 13
INDONESIA SHIPPED 80 MILLION TONS OF COAL IN FIRST QUARTER - COAL DIRECTOR
COALspot.com - Indonesia has exported around 80 million tons of coal including power plant coal in first three months of this year.
Speaking on t ...
Tuesday, 16 April 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS JUMPED 20.87 PER CENT ON WEEK TO 3.07 MMT
COALspot.com - Newcastle port in Australia has loaded 3,077,431 tons of thermal and coking coal for week ended 0700 hours 15 April 2013, Newca ...
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- PTC India Limited - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
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