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

People & Company News

Philippines Mulls Bilateral Sea Talks with China

The Philippines may consider two-way talks with China to resolve a territorial dispute in the South China Sea but only if it wins its case with Beijing at an arbitration tribunal in The Hague,

Adani Ports Income Up by 15%

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced the financial results for the quarter

Shipping Corporation Q3 Profit Surges

The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 31st December 2015 posting a net profit of Rs. 59.66 crores as against a net profit of Rs.

News

Philippines Mulls Bilateral Sea Talks with China

The Philippines may consider two-way talks with China to resolve a territorial dispute in the South China Sea but only if it wins its case with Beijing at an arbitration tribunal in The Hague,

Helsinki, Tyumen State Universities to form Arctic station

Within the framework of the international project Reeh, Tyumen State University in cooperation with the University of Helsinki are planning to create a unique Arctic observation stations.

HMAS Melbourne Returns

Royal Australian Navy frigate HMAS Melbourne is returning home to Australia after completing more than 50 boarding operations and seizing almost a tonne of heroin during a Middle Eastern deployment.

Vessels

Ice Condition 3 for Delaware Bay

The Captain of the Port (COTP), Delaware Bay is notifying mariners that Ice Condition 3 has been set for the Port which includes the Delaware Bay and River, the C&D Canal,

OSD Designs Research Vessel for TORI

Offshore Ship Designers (OSD-IMT) has signed a new contract to design an IMT2001 Scientific Research Vessel for the Taiwanese Ocean Research Institute (TORI).    The

Sea IT, Veritas Tankers Ink Long-term Software Deal

Sea IT has entered a long term ICT agreement with Veritas Tankers. The agreement comprises installation of BlueCORE Generation 4, an ICT platform specifically developed for the marine industry,

Logistics

Philippines Mulls Bilateral Sea Talks with China

The Philippines may consider two-way talks with China to resolve a territorial dispute in the South China Sea but only if it wins its case with Beijing at an arbitration tribunal in The Hague,

Adani Ports Income Up by 15%

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced the financial results for the quarter

Port of LA’s January Volumes Up 33%

704,398 TEUs leads Los Angeles to busiest January in port history    The Port of Los Angeles handled 704,398 Twenty-Foot Equivalent Units (TEUs) in January 2016,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Sonar Winch
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: 0.1373 sec (7 req/sec)