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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, 05 April 13
SGX API 8 CFR SOUTH CHINA COAL SWAPS TO GO LIVE
COALspot.com - The Exchange has announced that the SGX API 8 CFR South China Coal Swap will go live for clearing on SGX-DC starting from 29 Ap ...
Thursday, 04 April 13
HANDY:QUIET ; PANAMAX: SLOW START; CAPESIZE: LOW ACTIVITIES - FEARNRESEARCH
Handy
The Atlantic markets remain quiet as charterers and owners waiting to see how it moves. The USG-Feast was at USD 20k and Black Sea-Feast was ...
Wednesday, 03 April 13
HBA HAS LOST US$ 1.53 PER MT IN APRIL 2013
COALspot.com - The Indonesian government’s declared coal bench mark price has lost $1.53 / MT in April 2013.
The monthly coal referen ...
Tuesday, 02 April 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 633K MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 3,029,482 tons of thermal and coking coal for week ended 0700 hours 1 April 2013, Newcas ...
Tuesday, 02 April 13
THE GOVERNORS TO TAKE OVER AUTHORITY OF MINING, FORESTRY AND PLANTATION CONCESSIONS
The Indonesian government is planning to transfer the authority of issuing mining, forestry and plantation concessions from municipalities and distr ...
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- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Australian Coal Association
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
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