There are some 75 vessels waiting to discharge to the already choked ore terminals. The president of China's state-owned aluminium giant, Chinalco, has given a dour short-term forecast for commodities markets. There is no bottom seen here yet in terms of the economic situation globally,'' Xiong Weiping said in Sydney yesterday. The bleak current outlook for China's iron-ore demand also had to be seen against the backdrop of current price negotiations in which Chinese buyers are expected to win 30 per cent price reductions. In response to the slowing demand, iron-ore spot prices last week had their biggest drop since October, while iron-ore freight rates slumped 15-20 per cent. Analysts said the outlook for Chinese growth had changed for the worse in the past two weeks. After a period of steel mill destocking late last year, followed by a period of restocking this year, a truer picture of demand was emerging. Macquarie Bank analyst Jim Lennon this week reported that 75 iron-ore ships were waiting fully laden at anchor in China, up from 55 at the start of February, and the highest in more than two years.
Tuesday, March 3, 2009
Ore stockpiles in China full, demand slumping
Shanghai: Reports are emerging of capesizes sitting in long queues off China as China’s stockpiles of iron ore reaching bursting point.
There are some 75 vessels waiting to discharge to the already choked ore terminals. The president of China's state-owned aluminium giant, Chinalco, has given a dour short-term forecast for commodities markets. There is no bottom seen here yet in terms of the economic situation globally,'' Xiong Weiping said in Sydney yesterday. The bleak current outlook for China's iron-ore demand also had to be seen against the backdrop of current price negotiations in which Chinese buyers are expected to win 30 per cent price reductions. In response to the slowing demand, iron-ore spot prices last week had their biggest drop since October, while iron-ore freight rates slumped 15-20 per cent. Analysts said the outlook for Chinese growth had changed for the worse in the past two weeks. After a period of steel mill destocking late last year, followed by a period of restocking this year, a truer picture of demand was emerging. Macquarie Bank analyst Jim Lennon this week reported that 75 iron-ore ships were waiting fully laden at anchor in China, up from 55 at the start of February, and the highest in more than two years.Read More
There are some 75 vessels waiting to discharge to the already choked ore terminals. The president of China's state-owned aluminium giant, Chinalco, has given a dour short-term forecast for commodities markets. There is no bottom seen here yet in terms of the economic situation globally,'' Xiong Weiping said in Sydney yesterday. The bleak current outlook for China's iron-ore demand also had to be seen against the backdrop of current price negotiations in which Chinese buyers are expected to win 30 per cent price reductions. In response to the slowing demand, iron-ore spot prices last week had their biggest drop since October, while iron-ore freight rates slumped 15-20 per cent. Analysts said the outlook for Chinese growth had changed for the worse in the past two weeks. After a period of steel mill destocking late last year, followed by a period of restocking this year, a truer picture of demand was emerging. Macquarie Bank analyst Jim Lennon this week reported that 75 iron-ore ships were waiting fully laden at anchor in China, up from 55 at the start of February, and the highest in more than two years.
Small and medium sized yards in China lose out
Large shipbuilders in China will benefit from the economic stimulus plan handed out by the Chinese Government however; small and medium sized yards are likely to continue to face challenges.
Small and medium sized builders in Zhejiang, Fujian and Guangdong provinces have been facing difficulties since the financial downturn began in September last year. Many owners have even considered shutting down their privately owned yards. The total ship order in the Zhejiang province alone is 25.55 million tonnes which should technically be enough to hold up all the yards in the province for the next three years, however many of the vessels ordered are large ships, which small and medium yards are unable to build. Experts say that given the situation, smaller yards would find it extremely difficult to pull through the tough times without enough orders.Read More
Small and medium sized builders in Zhejiang, Fujian and Guangdong provinces have been facing difficulties since the financial downturn began in September last year. Many owners have even considered shutting down their privately owned yards. The total ship order in the Zhejiang province alone is 25.55 million tonnes which should technically be enough to hold up all the yards in the province for the next three years, however many of the vessels ordered are large ships, which small and medium yards are unable to build. Experts say that given the situation, smaller yards would find it extremely difficult to pull through the tough times without enough orders.
Monday, March 2, 2009
China launches most advanced maritime patrol ship
China has launched its most advanced maritime patrol ship off the coast of Weihai city in eastern Shandong Province, said an official with the Ministry of Transport Sunday.
It is a 114-meter-long patrol vessel equipped with a helicopter. Nicknamed "Haixun 11", the ship was completed Saturday. It will be put into use in June, said Liu Gongchen, deputy director of the maritime bureau under the ministry. The ship is capable of carrying out maritime search-and-rescue missions, monitoring coastal waters, and serving as a command post, he said. The launch of the vessel would enable the country to expand its maritime patrol scope and have longer and more regular patrols. "Haixun 11" can sail as far as 6,000 nautical miles (6,900 miles) on one fuel supply. Its top speed reaches more than 40 km per hour.Read More
It is a 114-meter-long patrol vessel equipped with a helicopter. Nicknamed "Haixun 11", the ship was completed Saturday. It will be put into use in June, said Liu Gongchen, deputy director of the maritime bureau under the ministry. The ship is capable of carrying out maritime search-and-rescue missions, monitoring coastal waters, and serving as a command post, he said. The launch of the vessel would enable the country to expand its maritime patrol scope and have longer and more regular patrols. "Haixun 11" can sail as far as 6,000 nautical miles (6,900 miles) on one fuel supply. Its top speed reaches more than 40 km per hour.
ExxonMobil bags rig for Kipper gig
ExxonMobil has hired the semi-submersible drilling rig Ocean Patriot for development drilling next year on the A$1.1 billion Kipper subsea gas project off south-east Australia.
The US giant did deals with Apache and rig owner Diamond Offshore to secure the semisub. Drilling of the Kipper subsea wells will begin in early 2010, and will run between three and six months, said ExxonMobil, which is the operator and owns 32.5% of Kipper. Partners are BHP Billiton (32.5%) and Santos (35%). The field sits in 100 metres of water and holds 620 billion cubic feet of recoverable gas and 30 million barrels of condensate. J Ray McDermott is providing offshore installation services; Vetco Gray the subsea production system; Aker Kvaerner the umbilicals, while Production Services Network will do brownfield engineering on the existing West Tuna platform.Read More
The US giant did deals with Apache and rig owner Diamond Offshore to secure the semisub. Drilling of the Kipper subsea wells will begin in early 2010, and will run between three and six months, said ExxonMobil, which is the operator and owns 32.5% of Kipper. Partners are BHP Billiton (32.5%) and Santos (35%). The field sits in 100 metres of water and holds 620 billion cubic feet of recoverable gas and 30 million barrels of condensate. J Ray McDermott is providing offshore installation services; Vetco Gray the subsea production system; Aker Kvaerner the umbilicals, while Production Services Network will do brownfield engineering on the existing West Tuna platform.
World's first sustainable ocean summit
Leaders from ocean industries dependent on marine space, services and resources will gather in Belfast, Northern Ireland, this June.
It is the first-ever Sustainable Ocean Summit in order to develop cross-sectoral business action on corporate ocean responsibility, and to ensure more effective communication and collaboration across the non-governmental sector in addressing ocean environmental challenges. The Sustainable Ocean Summit participants will include: shipping, oil and gas, fisheries, marine tourism, renewable ocean energy, shipbuilding, marine technology, ports, dredging, seabed mining, seabed cables / pipelines, and others, as well as maritime insurance, finance and legal services. "Companies and industry associations from around the world are expressing significant interest in a coordinated global private sector leadership approach to ocean environmental issues", noted World Ocean Council’s (WOC) Executive Director Paul Holthus. The Sustainable Ocean Summit will bring together a wide range of industries that use marine space and resources around the theme of "Reducing Risk, Increasing Sustainability: Solutions through Collaboration". The event will be held in Belfast from June 16 to 17, 2009.Read More
It is the first-ever Sustainable Ocean Summit in order to develop cross-sectoral business action on corporate ocean responsibility, and to ensure more effective communication and collaboration across the non-governmental sector in addressing ocean environmental challenges. The Sustainable Ocean Summit participants will include: shipping, oil and gas, fisheries, marine tourism, renewable ocean energy, shipbuilding, marine technology, ports, dredging, seabed mining, seabed cables / pipelines, and others, as well as maritime insurance, finance and legal services. "Companies and industry associations from around the world are expressing significant interest in a coordinated global private sector leadership approach to ocean environmental issues", noted World Ocean Council’s (WOC) Executive Director Paul Holthus. The Sustainable Ocean Summit will bring together a wide range of industries that use marine space and resources around the theme of "Reducing Risk, Increasing Sustainability: Solutions through Collaboration". The event will be held in Belfast from June 16 to 17, 2009.
Tanker escapes pirate attack
The 74,000DWT tanker, ‘Lia’ has had a close call with pirates, but managed to escape unscathed.
The vessel’s 26 crew, all of whom are Indian nationals, are unhurt, and the ships is continuing its journey to China. The Liberian-flagged panamax tanker ‘Lia’ is managed by Seearland Shipping, the Netherlands, and Italy’s Motia Compagnia di Navigazione. The ‘Lia’ had loaded its cargo of naphtha in Amsterdam and was proceeding to its discharge destination in China. The vessel arrived at the meeting point in the Gulf of Aden and was waiting for a naval escort to assist the vessel in the transit of the Gulf of Aden. The vessel was given military escort by a Chinese warship along with three other vessels. On February 24, the vessel experienced an engine malfunction and was forced to stop. The officer of the watch detected on radar two high-speed craft approaching the vessel and closing in dangerously. The Master raised the alarm on board and the crew started taking action as per the standard vessel security plan.Read More
The vessel’s 26 crew, all of whom are Indian nationals, are unhurt, and the ships is continuing its journey to China. The Liberian-flagged panamax tanker ‘Lia’ is managed by Seearland Shipping, the Netherlands, and Italy’s Motia Compagnia di Navigazione. The ‘Lia’ had loaded its cargo of naphtha in Amsterdam and was proceeding to its discharge destination in China. The vessel arrived at the meeting point in the Gulf of Aden and was waiting for a naval escort to assist the vessel in the transit of the Gulf of Aden. The vessel was given military escort by a Chinese warship along with three other vessels. On February 24, the vessel experienced an engine malfunction and was forced to stop. The officer of the watch detected on radar two high-speed craft approaching the vessel and closing in dangerously. The Master raised the alarm on board and the crew started taking action as per the standard vessel security plan.
India likely to double LNG imports this year
Mumbai: Last year, India imported between 6.5 and 7 million metric tonnes per annum (mmtpa) of LNG.
This year it could go over 13 mmtpa, according to analysts. “We expect the demand for LNG to be far greater this year than what it was last year on account of a shortfall in domestic gas supply,” a senior official from Royal Dutch Shell, India, told on the condition of anonymity. “The overall economic slowdown in the West will favour LNG supplies to India as new capacities are also being commissioned the world over,” he added. Shell and Total are operators of the Hazira LNG terminal in Gujarat with a capacity of 2.5 million tonnes (mt) a year. Shell completed ‘de-bottlenecking’ of its terminal in December, increasing its capacity to 3.6 mt per year. Historically, LNG demand has largely emanated from the Asia-Pacific region, primarily due to Japanese and South Korean requirements, which account for over 50 per cent of the world LNG trade. “With falling industrial demand coupled with the fall in crude oil prices, spot demand from these two regions has suffered,” said a senior official from Gujarat State Petronet Ltd. India is a gas deficit country. Power and fertiliser plants consume 70 per cent of the gas available in the country.Read More
This year it could go over 13 mmtpa, according to analysts. “We expect the demand for LNG to be far greater this year than what it was last year on account of a shortfall in domestic gas supply,” a senior official from Royal Dutch Shell, India, told on the condition of anonymity. “The overall economic slowdown in the West will favour LNG supplies to India as new capacities are also being commissioned the world over,” he added. Shell and Total are operators of the Hazira LNG terminal in Gujarat with a capacity of 2.5 million tonnes (mt) a year. Shell completed ‘de-bottlenecking’ of its terminal in December, increasing its capacity to 3.6 mt per year. Historically, LNG demand has largely emanated from the Asia-Pacific region, primarily due to Japanese and South Korean requirements, which account for over 50 per cent of the world LNG trade. “With falling industrial demand coupled with the fall in crude oil prices, spot demand from these two regions has suffered,” said a senior official from Gujarat State Petronet Ltd. India is a gas deficit country. Power and fertiliser plants consume 70 per cent of the gas available in the country.
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