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

People & Company News

LNG Vessel with Wartsila Integrated Solutions Delivered to Evergas

The first in a series of 27,500 cbm 'Dragon' class vessels ordered by Evergas, a world renowned owner and operator of seaborne petrochemical and liquid gas transport vessels,

Executive Changes at Transocean

Transocean Ltd. today announced that, as mutually agreed with the company, Esa Ikaheimonen is stepping down as Executive Vice President and Chief Financial Officer effective immediately.

BMT, Endeavour Energy Win Africa’s LNG Import Terminal Contract

BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, has been appointed Owners Engineer and lead design consultant by Endeavour Energy for the development

Bulk Carrier Trends

Sulfur-Laden Bulk Carrier Grounds off Port Arthur, TX

The U.S. Coast Guard is working with state and local partners in response to a bulk carrier loaded with sulfur that ran aground in the Gulf of Mexico Tuesday, while

New Dry Bulk Facility at Khalifa Port

New AED 20 million facility will pack and transport dry bulk products for petrochemical and mineral manufacturers    Abu Dhabi Ports celebrated the groundbreaking

Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness,

Finance

WTO Launches Dedicated Website for new TFA Facility

The TFAF was created at the request of developing country and least-developed country (LDC) members to help ensure that they receive the assistance needed to

Aegean Marine Profit Beats Estimates

Greece-based Aegean Marine Petroleum Network Inc. (ANW) reported first-quarter earnings of $12.2 million or $0.25 per share compared with $5.1 million or $0.11 per share last year.

Shreyas Shipping Turns Around

Shreyas Shipping and Logistics swung to a net profit of Rs. 61.75 crore (about $9.6 million) in the fiscal year ended March 31, a big turnaround from its loss of Rs.

News

LNG Vessel with Wartsila Integrated Solutions Delivered to Evergas

The first in a series of 27,500 cbm 'Dragon' class vessels ordered by Evergas, a world renowned owner and operator of seaborne petrochemical and liquid gas transport vessels,

Executive Changes at Transocean

Transocean Ltd. today announced that, as mutually agreed with the company, Esa Ikaheimonen is stepping down as Executive Vice President and Chief Financial Officer effective immediately.

BMT, Endeavour Energy Win Africa’s LNG Import Terminal Contract

BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, has been appointed Owners Engineer and lead design consultant by Endeavour Energy for the development

Vessels

LNG Vessel with Wartsila Integrated Solutions Delivered to Evergas

The first in a series of 27,500 cbm 'Dragon' class vessels ordered by Evergas, a world renowned owner and operator of seaborne petrochemical and liquid gas transport vessels,

Fugro Extends Contract with McDermott

Fugro has been awarded a three-year extension to its existing contracts with McDermott Middle East, Inc. The contract covers the provision of survey, positioning,

VIKING’s Top Safety Offerings at Nor-Shipping

Marine safety equipment leader VIKING Life-Saving Equipment will appear in force at Nor-Shipping 2015, displaying both innovative products and services that

Logistics

Chevron Hires Viking Princess

Eidesvik Offshore has signed a contract for 19 months with Chevron UK employment for one platform supply vessel (PSV) Viking Princess.    The vessel will be

Aegean Marine Profit Beats Estimates

Greece-based Aegean Marine Petroleum Network Inc. (ANW) reported first-quarter earnings of $12.2 million or $0.25 per share compared with $5.1 million or $0.11 per share last year.

Hapag-Lloyd Grows Feeder Network in Scandinavia

Ocean carrier Hapag-Lloyd will be integrating the Port of Oslo into its Baltic Express Service (BAX) in June.    The BAX will then link a total of six ports in Estonia,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Ship Electronics Ship Repair Ship Simulators 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: 0.1920 sec (5 req/sec)