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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

Day of Seafarer: ICS Highlights Seafarers Role in Migrant Rescues

Gerardo Borromeo, Vice Chairman of the International Chamber of Shipping (ICS) took the opportunity today to highlight the courage that is currently being displayed by seafarers,

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Finance

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

News

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

Tanker Crewman Medevaced off Virginia

The U.S. Coast Guard medevaced an ailing crew member Saturday from a tanker off Virginia Beach.   Coast Guard watchstanders at the 5th District Command Center

Danelec Launches ECDIS Computer-based Training

Danelec Launches ECDIS Computer-based Training   Danelec Marine has launched a new computer-based training (CBT) program for its second-generation DM800 ECDIS G2 products.

Vessels

BigLift Shipping Expands Heavy Lift Fleet

BigLift Shipping said it has ordered a third Happy S-type vessel. The new build vessel, to be named Happy Sun, will be identical to BigLift’s Happy Star and will

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

New Era of Global Trade with Expanded Panama Canal

The Expanded Panama Canal is now officially open for business.   During the official inauguration ceremony, Panamanian President Juan Carlos Varela and Panama Canal Administrator and CEO Jorge L.

Logistics

Matson Launches US West Coast - South Pacific Service

Matson’s new South Pacific Express will link Pacific networks via Honolulu    U.S. carrier in the Pacific Matson, Inc. has introduced a new containership service between the U.

Huge Coke Drums Shipped from Spain to Louisiana

Intermarine, LLC, transporter of project, breakbulk and heavylift cargo, said it has transported four coke drums on the MV Ocean Freedom from Gijon, Spain, to New Orleans, La.

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.1428 sec (7 req/sec)