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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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Sunday, 31 March 13
COAL FREIGHTS ARE IN FLAT TO WEAK TREND - VISTAAR
COALspot.com - This freight market after several weeks of firming up seemed to lose steam and this week all the indices were down except for handy s ...
Friday, 29 March 13
SUB-BIT INDONESIA COAL SWAPS: UP 0.55 % WOW; CFR SOUTH CHINA COAL CONTRACT: UP 0.23 % WOW
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.55 percent and CFR South China coal shipment&nbs ...
Thursday, 28 March 13
SHIP OWNERS KEEN ON ACQUIRING SECOND HAND TONNAGE, AS WELL AS NEW BUILDINGS IN CONVENTIONAL SEGMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The recent rally of the Baltic Dry Index (BDI), coupled with renewed optimism, at least in some parts of the wet market, have prompted many ship own ...
Wednesday, 27 March 13
PTBA HAS CONCLUDED US$ 16.14 BILLION WORTH OF COAL SALES AND PURCHASE AGREEMENT WITH PLN
COALspot.com - PT. Bukit Asam, a 32 years old Indonesian state owned coal miner has signed a coal sales and purchase agreement with PT PLN, (a state ...
Wednesday, 27 March 13
SHIPPING CONFIDENCE REACHES HIGHEST LEVEL FOR TWO YEARS - MOORE STEPHENS
Overall confidence levels in the shipping industry recovered to their highest level for two years in the three months ended February 2013, according ...
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- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Australian Coal Association
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
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