Golden Ocean Sees 10% Growth

Posted by Michelle Howard
Wednesday, March 05, 2014

Reuters- Dry bulk carrier Golden Ocean Group Ltd expects double-digit growth in global iron ore trade in 2014, helping its markets pick up momentum and improving rates, the company's CEO Herman Billung said at a conference in Oslo on Wednesday.

The dry bulk and tanker markets have experienced a severe downturn in recent years due to global economic turmoil and a slew of new vessels, but Golden Ocean has already detected signs of recovery, driven by increasing Chinese and Indian demand for iron ore and coal, in combination with scrapping of older vessels.

Billung said he had had recent discussions in Singapore with major iron ore miners and one alone had indicated its shipping needs would rise to 100 cape-sized vessels, or ships that can carry some 160,000 tonnes of cargo, a month from 70 during the next 18 months.

"You can see it from what they are doing right now. They charter in vessels with a massive premium to the spot market", he said. "I think we definitely could see iron ore increasing by 10 percent in 2014. Coal I think will be a little bit less, around 6 to 7 percent."

Since peaking at around 40 crowns in October 2007, shares in Golden Ocean have been trading well below 8 crowns for several years, before starting to rise towards the end of 2013.

They were down 1 percent at 13.28 crowns by 1445 GMT, having scored the third-highest increase on the Oslo Bourse's main index during the last six months.

Major iron ore producers include Fortescue, BHP Billiton and Rio Tinto.

(Reporting by Joachim Dagenborg; Editing by David Holmes)

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Thordon Bearings Names New China Distributor

Thordon Bearings Inc. of Canada announced that CY Engineering Co. Ltd. will take over as the new authorized distributor for the People’s Republic of China, including Macau and Hong Kong,

Eniram Expands Training Services, Onboard and Onshore

Eniram Ltd, a provider of energy management technology and analytic services to the shipping industry, today announced the addition of in-depth training services

ClassNK Verifies lino Marine Service GHG

Classification society ClassNK has carried out the independent third-party verification of Iino Marine Service’s greenhouse gas (GHG) emissions inventory based on a reasonable level of assurance.

Energy

Eniram Expands Training Services, Onboard and Onshore

Eniram Ltd, a provider of energy management technology and analytic services to the shipping industry, today announced the addition of in-depth training services

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Yamal LNG Arctic Project in Doldrums

The massive $27 billion Yamal LNG liquefied-natural-gas venture in the Arctic Circle, a centerpiece of President Vladimir Putin’s plan for Russia has been squeezed by U.

News

Thordon Bearings Names New China Distributor

Thordon Bearings Inc. of Canada announced that CY Engineering Co. Ltd. will take over as the new authorized distributor for the People’s Republic of China, including Macau and Hong Kong,

LUKOIL Marine Lubricants Opens Gothenburg Warehouse

LUKOIL Marine Lubricants informs it has opened a new warehouse in Gothenburg.   The marine lubricants supplier said it constantly strives to expand its global supply network,

Eniram Expands Training Services, Onboard and Onshore

Eniram Ltd, a provider of energy management technology and analytic services to the shipping industry, today announced the addition of in-depth training services

Vessels

ASL Shipyard Secures S$140mln Build Contracts

ASL Shipyard Pte Ltd. a wholly-owned subsidiary of ASL Marine Holdings Ltd., has secured new shipbuilding contracts worth approximately S$140 million for the construction

North Korean Black-listed Ships in Russia

North Korean vessels owned by Ocean Maritime Management (OMM) have been seen using Russian ports, says the NK News vessel tracker.   OMM was sanctioned for its

Sailboat Catches Fire off Honolulu

A sailboat with five people aboard caught fire off Honolulu, Thursday, promting responsefrom the U.S. Coast Guard who sent a 45-foot Response Boat-Medium crew from

Logistics

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Dutch Green Ports to be Model for Turkey

Netherlands will be a model for Turkey’s ports within an environmentally-friendly Green Port implementation, says Daily News.   Port of Amsterdam and Dutch officials

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 3.9175 sec (0 req/sec)