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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, 17 March 13
A WEAK WEEK FOR SUB-BIT INDONESIA COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 2.11 percent and CFR South China coal shipment ...
Sunday, 17 March 13
COAL FREIGHT RATES STEADY ON HIGHER DEMAND - CAPT. REDDY
COALspot.com - This freight market continued to remain firm in all segments.
The BDI was up by 5.81 pct closing at 892 points. Cape index was up ...
Friday, 15 March 13
CHEAP SHIP VALUATIONS DON'T NECESSARILY MEAN ATTRACTIVE SAYS VESSELS VALUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship prices plunging by double-digits in the past few years, many ship owners are pondering their next moves in a market often described as att ...
Thursday, 14 March 13
SUPRAMAX : INDO - INDIA TRIP RATE IS AROUND $10,000; SOUTH CHINA $9500 - FEARNRESEARCH
Handy
Indian market is still quiet in respect of export of iron ore. WC India market has improved with a few stems out of the MEG, WC India opening ...
Thursday, 14 March 13
DRY BULK MARKET KEEPS ON RISING MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has maintained its rising momentum, on the back of increased cargo availability. According to yesterday's figures, the industry ...
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- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
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