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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, 11 April 13
TNEB HAS OPENED 4.2 MILLION TONS IMPORTED COAL TENDER
COALspot.com - TANGEDCO, the state run utility TANGEDCO (formerly known as TNEB), Tamil Nadu state owned electricity company has opened bids to purc ...
Wednesday, 10 April 13
US COAL CONSUMPTION TO INCREASE FROM 889 MMST IN 2012 TO 948 MMST IN 2013 AND 957 MMST IN 2014 - EIA
Based on estimates for the first quarter of 2013, American coal production has continued to decline.
Total production is down 9.9 million short t ...
Wednesday, 10 April 13
DRY BULK FREIGHT RATES SEEN MOSTLY STABLE IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
In its latest report, BIMCO forecast that for the coming six weeks, Capesize time charter average rates will remain subdued around $4,500-8,500 per ...
Monday, 08 April 13
SUB-BIT INDONESIA COAL SWAPS: UPWARD TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 2.71 percent and CFR South China coal shipment&nbs ...
Sunday, 07 April 13
CHARTER RATES ARE UNDER PRESSURE DUE TO DECLINING DEMAND - VISTAAR
COALspot.com - The freight market continued to fall further with all the indices down.
The BDI was down by 5.38 pct closing at 861 points and the ...
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- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- White Energy Company Limited
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
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