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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, 15 February 13
SCRAPPING TO RISE AS BULKER OWNERS SUFFER - DREWRY MARITIME RESEARCH
Drewry's latest Dry Bulk Forecaster report suggests that cash-strapped shipowners will scrap younger and younger ships this year as the dry bulk ma ...
Thursday, 14 February 13
HANDY: ATLANTIC "STABLE"; PACIFIC "QUIET" - FEARNLEYS
Handy
The Atlantic remain stable with rates for FH from USG around USD 18k. The Pacific remains quiet due to Chinese New Year holidays. Rates were ...
Thursday, 14 February 13
BIMCO FORECASTS MOSTLY HIGHER DRY BULK RATES FOR THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Higher steel demand is expected to keep dry bulk rates elevated during the next six weeks, according to the latest BIMCO forecast. The Organization ...
Wednesday, 13 February 13
6TH ANNUAL CBM CONFERENCE
The 6th Annual CBM conference which will be held in Singapore on 18-21 June 201 offers comprehensive insights into leading CBM projects in the Asia- ...
Tuesday, 12 February 13
GOVERNMENT DECLARED INDONESIAN THERMAL COAL PRICE INCHES UP IN FEBRUARY
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in February 2013.
The monthly coal refere ...
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- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- The University of Queensland
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- McConnell Dowell - Australia
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