News Abstracts - fileBenchmarking initiative which generated enquiries as to how to participate....

News Abstracts

Dry Bulk Terminals Group – April 2014 – Issue132

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For your personal interest and information. These News Abstracts are compiled by the DBTG Secretariat from direct sources. Publications including Fairplay (FP), and various international agencies, as well as the research division of Clarkson and Fearnleys. They cover a wide range of issues of direct and indirect relevance to dry bulk terminal operators as well as the aims and activities of the DBTG.

IN THIS ISSUE

DBTG Matters Shipping Matters Shipbuilding Clarkson Commentary Terminals/Ports Freight Market Commodities Fearnleys Dry Bulk Report

DBTG MATTERS Operational and Technical Meeting – Izmir, Turkey 10 - 11 April 2014 .As you will be aware the presentations from Izmir are now available on the website. The event went very well and all attendees appeared to find the event interesting, informative and useful. The Terminal visit was very facinating as developments at Ege Gubre Facility at Nemrut Bay were explained. The presentations covered current issues such as DBTG future structure, recent developments at IMO, Dust Explosion Hazards (ATEX) with the presentations explaining what the issue is and how the legislators are looking to regulate at UN Global Harmonised System level. The safety session covered a number of safety issues and initiatives. After Lunch we saw the presentation of the first set of results from the Benchmarking initiative which generated enquiries as to how to participate. The final session saw a presentation by ERIKS about condition monitoring and thermography and the meeting culminated in a presentation about the development of the KLASCO terminal in Klaipeda.

A request to make the meeting a two day event (similar to the Annual meeting) was considered and approved by the Executive Committee.

Annual General Meeting – Panama City, Panama 1-3 October 2014 Thoughts now turn to the AGM which the Executive Committee have agreed to hold in Panama. Planning is well underway with the highlight likely to be a partial transit of the Panama Canal. However, we also need an interesting programme that Members want to attend. So if you have any suggestions of topics, speakers or if you wish to speak please send an email to [email protected]

SHIPPING MATTERS Vessels collide off Pattaya, Thailand – 03/04 FP Two bulk carriers collided off Pattaya, Thailand, on 30 March 2014. The 1996-built, 45,496dwt bulk carrier Anton Topic, loaded with clinker, was en route from Ko Sichang, Thailand to Pasir Gudang, Malaysia. The vessel sustained damage to its bow. No injuries were reported. The 1995-built, 27,321dwt bulk carrier CN Jumbos was en route from Gorontalo, Indonesia to Ko Sichang, Thailand. The vessel sustained breaches in its hull, and took on water before listing 5 degrees. No injuries were reported. The Thai maritime authorities sent a patrol boat to the accident site and rescued the crew members.

Communication breakdown behind smoking ship – 07/04 FP A communication breakdown was the cause of the MV Poavosa bulk carrier going up in smoke and shutting down the port of Taranaki, Maritime New Zealand told IHS Maritime last week. Smoke billowed out of the hold of the vessel soon after it arrived in port from Australia with a load of wheat on 20 January. Crew, port workers and personnel were evacuated from the port as fire crews cordoned off the port, diverting traffic with trucks of fertiliser and logs forced to queue outside. At first, concerns were raised that the Panama-flagged bulk carrier was on fire. MNZ detained the ship and ran an investigation finding the incident was down to a misunderstanding due to the crew's poor English language skills. Speaking with IHS Maritime a spokesperson for MNZ said the investigation found crew had not followed written instructions. The crew moved a load of aluminium phospade where it came into contact with water and began smoking.

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“The crew were told that the trained stevedores were handling the material but misunderstood this advice as an instruction to remove the aluminium phosphide,” he said. “As a result, the chemical came into contact with water – and in response to what they thought was a fire, more water was added.” A ship inspection by MNZ then found a number of other safety deficiencies relating to fire-fighting equipment and emergency procedures. “The vessel was detained until these were addressed,” he said. At the time of the incident, firefighters told local media the evacuation was fraught, as the crew did not speak English.

Pacific Basin continues fleet expansions in 1Q – 16/04 FP Pacific Basin has continued to expand its fleet by buying two secondhand vessels, chartering in two newbuildings and ordering another during the first three months in 2014. On the heels of its busiest year in terms of acquiring drybulkers in 2013, the Hong Kong-based company purchased another two secondhand vessels and long-term chartered in two newbuildings in the first three months of this year, a stock filing of the company said yesterday. One of the secondhand bulkers has been delivered, it added. In February, Pacific Basin bought a Handysize newbuilding from Japanese-backed Giant Line for $23.9M. Its self-owned bulker fleet on the water currently stands at 80 ships, compared to 37 at the start of 2013. It currently operates 230 bulkers, with another 38 newbuildings expected to join its core fleet in the next three years, the company added.

Pakistani Navy detains suspected pirates – 22/04 FP A skiff was detained by the Pakistani Navy under the suspicion of conducting piracy activity in its waters near Gwadar. The navy was alerted after a bulk carrier reported to UK Maritime Trade Operation and headed towards the Pakistani coast for assistance. Apparently the vessel was being pursued by the skiff for four hours and took evasive measures in accordance with Best Management Practices Version 4 in reporting and asked local coastal security force for response. A naval asset was immediately deployed and acted upon the distress call of the bulk carrier to locate and arrest the suspected pirates. Despites the success in averting the suspected piracy attempt, the incident will not be included in International Maritime Bureau (IMB) statistics. The IMB Piracy Reporting Centre is a non-government organisation and act as an initial point of contact for the

shipmaster to report any incident of piracy, armed robbery or even stowaways to hasten response process. The reports received from the shipmasters will be immediately broadcasted to all vessels in the Ocean region to provide vital timely information and increasing awareness in the risk area.

SHIPBUILDING Yangzijiang secures 18 orders – 02/04 FP Singapore-listed Chinese shipbuilder Yangzijiang Shipbuilding said today it has secured 18 newbuilding orders in March. The orders, worth $815M, comprise 13 82,000dwt bulkers, one 208,000dwt bulk carrier and four 10,000teu box ships. The containership order is from Seaspan, which exercised some of its options. The orders are scheduled for deliveries during 2015 to 2017, and therefore will not have any significant impact on the earnings of Yangzijiang for 2014. Year to date, the Group has secured a total of 26 effective shipbuilding contracts with an aggregate value of $1.07Bn. DMG & Partners Securities analyst Lee Yue Jer said these are surprisingly large orders given Yangzijiang’s $2Bn estimate for 2014. He said: “The large 13-vessel series of 82,000dwt bulk carriers will support future margins. The company has also delivered its first 10,000teu containership to Seaspan, with another four options exercised last month and four options remaining.” Yangzijiang’s orderbook now stands at $5.46Bn and is rapidly returning to pre-crisis levels of $6-7Bn. “Its yards are now operating near full capacity. We also note that the March 2014 wins included a 13-vessel series of 82,000dwt bulk carriers, which will yield economies of scale. These two factors underpin our conviction for a slower-than-expected margin fall, with the street being too pessimistic on 2014-16

China Shipping Industry (Jiangsu) secures new order – 11/04 FP China Shipping Industry (Jiangsu) has won new orders from sister company Dong Fang International Investment to build four 64,000dwt bulk carriers, the yard said yesterday. The newbuildings will be chartered out to China Shipping Group’s bulk shipping unit. Dong Fang International Investment is a container trading subsidiary of China Shipping Group. The newbuildings are scheduled to be delivered from May 2015, with construction starting in April 2014.

Oshima inks bulker from Jinhai – 11/04 FP Jinhui Shipping and Transportation has placed an order through contractor Sumitomo to build one 60,000dwt bulk carrier at the Oshima Shipbuilding yard.

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The newbuild is scheduled to be delivered by 31 March 2016 at a contracted price of $29.1M. Once built she will go onto the charter market, and will complement the owner's young and modern fleet of vessels through the ongoing management of asset portfolio, the company said. Oshima Shipbuilding currently has an orderbook of 84 vessels building through to mid-2017. The yard concentrates on bulk carriers and open hatch cargo vessels ranging from Handysize to Mini-Capes. Jinhui Shipping and Transportation Limited is one of the world's largest Supramax owners. It was incorporated in Bermuda on 16 May 1994 and has been listed on the Oslo Stock Exchange since 1994.

Japan yard orders drop in March – 17/04 FP Japanese shipbuilders saw orders dropping both year on year and month on month in March, suggesting that their recovery may be peaking. Having seen orders languishing before 2013 due to a strong yen, their fortunes have been recovering since the pro-business premier Shinzo Abe returned to power in December 2012. Figures from the Japan Ship Exporters Association show that in March they received 47 orders, totalling 1,885,291gt, compared to 47 orders of 1,975,170gt in February. In March 2013, JSEA members won 49 ships of 2,720,150gt. Bulkers, for which Japanese builders are renowned, continued to dominate. Of the 47 orders in March, 35 were bulkers, including 15 Handymaxes and seven Panamaxes. The orders also included two pure car/truck carriers, three LPG carriers and six chemical tankers. The weakening yen and rising positive sentiment about a recovery in drybulk shipping has enabled Japanese builders to regain competitiveness against South Korean and Chinese yards. This has been largely due to Abe’s policies, dubbed ‘Abenomics’, aimed at reviving the country’s export-oriented economy. In March, Japanese builders delivered 30 ships of 1,327,116gt, down from 34 ships of 1,434,594gt in the same month in 2013. However, new orders are promising. As of 31 March, the outstanding orderbook of its builders stood at 658 ships of 27,716,641gt, up from 552 ships of 25,545,795gt a year ago.

Rising ship prices 'should overcome strengthening won' – 22/04 FP Newbuilding prices are seeing a sustained recovery that should allay any concerns about the strengthening won, said CIMB Securities today. CIMB analyst KJ Hwang noted that as of 20 April, tanker prices are up 13% year on year, container prices are up 19% y/y, bulker prices are up 12.4% y/y and liquefied gas carrier prices have risen 8.2% y/y.

Hwang said: “We believe that the ongoing increases in US$-based commercial ship prices (8-19% y/y, 3-6% year to date) are sufficient to offset recent concerns of the strong won (i.e., the negative impact of won-denominated revenue growth on the South Korean shipyards in FY15-17). The increase in current ship prices far outweigh the foreign exchange volatility (e.g., the won has appreciated 5% against the US$ since end-2012, and 1% year to date). With the Euro-US$ cross-rate moderating to 0.73, we foresee the weak US$ environment to trigger strong buying appetite by ship owners for commercial vessels (historically, global order growth has shown a high correlation to strong won and euro). “We also expect ship prices to continue its upward momentum, along with surging resale price premiums (compared to newbuild prices) and stretched backlog years of tier-1 yards, thus resulting in visible contracts from tier-2 yards like Hanjin HI & Construction, recently.” CIMB’s checks with the yards suggest that enquiries for “series-orders” are still firm (mainly across VLCC, VLGC, LNG carriers and containerships). Hwang said: “We expect mega-ships with eco-designs to dominate the order flow, while [South] Korean yards look set to be the primary bidders in 2H14. However, we expect the Chinese yards to face limited refund guarantees from the banks as around 33% of contracts are facing delivery delays. They also lack in-house engineering and design capabilities.”

Bulker newbuilding orders up 72% in March – 28/04 FP Investment in dry bulk carrier newbuildings rises 72% year on year in March, with 140 vessels ordered, up from the 81 bulkers ordered last year. Greek broker Golden Destiny’s statistics showed that of the orders, 47 were Ultramaxes and 36 were Kamsarmaxes. All but 27 of the orders are to be built in China. The rally in freight rates in 3Q13 is encouraging ship owners to order newbuildings in the belief of a market recovery and that the new generation of fuel-efficient ships would force older tonnage out of the market. Most of the bulker orders in March came from Asian owners like COSCO, Sincere Navigation, Polaris Shipping, Precious Shipping and Wisdom Marine. Asian owners accounted for 75 of the bulker orders in March. Italian broker Banchero Costa commented that while the short-term spikes in Capesize rates in 3Q13 provided optimism, rates have once again fallen below $10,000/day. Banchero Costa cautioned that the oversupply that plagued dry bulk shipping in the last few years is far from being resolved, despite deliveries slowing since 2013. Deliveries in 2013 reached only 58.7M dwt, which was 39.7% less than in 2012. The dry bulk fleet expanded only 6% in 2013. This was the first year since 2007 in which the fleet expanded by less than demand. Banchero Costa said: “In 2014, we expect an even smaller expansion of the fleet, at just 5%. In 1Q14, we recorded the

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delivery of only 189 units over 20,000 dwt, for a total of 15.9Mdwt. This was 22% less than in the same period last year. The rebalancing that began last year will continue in 2014.” With China’s iron ore import growth still strong, this year looks promising for bulker owners. Banchero Costa said: “But dark clouds are again forming over the medium term – all of this very much self-inflicted by the shipowning and shipbuilding communities. Ordering is again getting into overdrive. At least 960 units larger than 20,000dwt were ordered last year. Another 295 units or more were ordered in 1Q14. And they are almost all for delivery in 2015 to 2016.”

Clarkson commentaries – DBTO (22/04)

Iron Ore Global seaborne iron ore trade is projected to grow 9% y-o-y to total 1,302mt in full year 2014. Iron ore exports from India are projected to recover by 49% y-o-y to total 21.2mt in full year 2014. In 2011-12, the Indian government placed a series of restrictions and bans on mining and exports of iron ore in the country’s top three producing states, which led to a sharp fall in Indian iron ore exports. However, this year exports are expected to recover partly as Goa’s Supreme Court has started to auction off 15.6mt of iron ore from stockpiles at ports. In Q1 2014, 1.7mt of this iron ore was auctioned off to domestic mining companies, and the first shipment of this iron ore left Goa this year in April. In recent months, certain companies have reportedly been given permission to restart mining in Karnataka and Goa (India’s second and third largest iron ore producing states) this year. Mining in Goa is expected to restart before the monsoon season begins in June, but shipments are not expected to immediately start up again. In Q1 2014, total Chinese iron ore imports reached 222mt, reflecting a y-o-y increase of 19%. The significant y-o-y growth in Chinese iron ore imports in the year to date occurred despite slower growth in Chinese steel production. Steel output growth in China slowed to 4% in the first two months of 2014, partly as the government has been keen to crack down on overcapacity in the steel industry and pollution levels. CISA forecasts that Chinese domestic steel demand growth will fall to 3.2% in 2014 from 8.5% in 2013. Firm growth in Chinese iron ore imports in the first two months of the year has been a result of further increases in Australian iron ore output. In March 2014, iron ore exports from Port Hedland, Australia reached a record 34.4mt, during what is usually a seasonally weak time of year for Australian iron ore exports. Iron ore shipments from Port Hedland to China in Q1 2014 totalled 71.7mt, up 35% y-o-y. This growth has been driven

by the ramp up of mine output by a number of iron ore miners in Australia. Fortescue Metals Group, Australia’s third largest iron ore mining company, officially opened its Kings Mine at the Solomon Hub (Western Australia) at the end of March 2014. The mine is expected to add 40mtpa of iron ore capacity and will bring FMG’s total iron ore production capacity to 155mtpa. This, and other planned mine expansions, are projected to lead to a 16% y-o-y increase in Australian iron ore exports in full year 2014. Following the decline in iron ore prices in mid-March, many steel mills reportedly took the opportunity to rebuild their iron ore stockpiles. The firm increase in demand has contributed to a part recovery in iron ore prices and is expected to support a 12% y-o-y rise in Chinese iron ore imports in full year 2014.

Coking Coal In recent months, Australian coking coal exports have exceeded levels previously reached in 2010, before severe weather disruptions and strike action limited shipments in 2011 and 2012. In the first two months of 2014, coking coal exports from Australia expanded by 14% y-o-y partly as seasonal weather disruptions were relatively minimal in the first three months of the year. In Q1 2013, Australian coal shipments from Queensland were hampered when heavy rain and cyclones flooded railway lines for several weeks. The outlook for exports in full year 2014 looks positive as Australian coal miners plan to ramp up production further this year. Total coking coal exports from Australia are expected to be the main driver of global coking coal trade growth this year and are projected to grow 6% y-o-y to 176.8mt in full year 2014. This export growth is expected to account for 75% of global seaborne coking coal trade growth. Global seaborne coking coal trade is currently projected to increase 5% y-o-y to reach 277mt in full year 2014. Coking coal prices have continued to fall in recent months. The quarterly coking coal contract price was agreed between miner, Anglo American, and Japanese steel mills for Q2 2014. The price was settled at $120/tonne FOB Australia, down 16% q-o-q reflecting the current level of coal oversupply in the market. This is the lowest level at which the price has been set at since the quarterly contract system was introduced in 2010. In full year 2014, Japanese coking coal imports are projected to decrease marginally by 1% y-o-y to total 56.1mt. This decline is currently expected as the Japanese government increased its sales tax from 5% to 8% on 1st April 2014. This tax is likely to have an impact on the country’s construction and automobile industries, which in turn is expected to affect steel demand this year. The World Steel Association currently forecasts that Japanese steel demand will decline 1% y-o-y in full year 2014. Elsewhere in Asia, planned expansions to Indian steel production capacity are expected to drive coking coal import growth this year. Indian coking coal imports are currently projected to expand 6% y-o-

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y to total 37.2mt in full year 2014, and this growth is expected to account for approximately 21% of the projected increase in Asian coking coal imports this year. Meanwhile, Chinese seaborne coking coal imports are currently projected to increase 12% y-o-y to total 67.1mt in full year 2014. However, in the first two months of the year imports have been relatively weak. Chinese coking coal import demand in the rest of the year will largely be dependent on how the arbitrage between international and domestic Chinese coking coal prices develops this year.

Thermal Coal In the first two months of 2014, seaborne Chinese thermal coal imports grew 19% y-o-y to total 29.2mt. It is currently projected that seaborne Chinese thermal coal imports in 2014 will reach 158mt, up 5% y-o-y. However, there are a number of factors which could affect imports in 2014. For instance, reports of the Chinese government’s plans to regulate low-quality coal imports have continued, although there remains uncertainty over the details of the policy and timing of its potential introduction. If enforced, it is likely that there would be an impact on Chinese lignite and low quality coal imports from Indonesia, which accounted for around 59% (123mt) of China’s lignite and thermal coal imports in 2013. On the other hand, the Chinese government has also recently announced plans to shut around 1,700 small domestic coal mines in 2014, with an estimated total capacity of 120mt. The closure of these mines could provide some support for Chinese thermal coal import demand this year. The annual steam coal contract price for Japan’s 2014 fiscal year has been agreed between Japanese power utility companies and Glencore Xstrata. The price has been agreed at $81.80/tonne FOB Newcastle, down 14% y-o-y and is the lowest price settlement since the 2009 fiscal year. Australian steam coal exports are projected to increase 6% y-o-y to total 198.6mt in calendar year 2014, as mine output is expected to expand. The projected increase in Australian thermal coal exports is currently expected to account for 30% of total thermal coal trade growth in full year 2014. In 2013, thermal coal exports from the US declined 9% y-o-y to 43.6mt. This decline followed the surge in exports in 2011 and 2012, when exports rose from 13.2mt in 2010 to 48.1mt in 2012. The growth occurred due to a rapid increase in shale gas use for power generation, which led to a decline in thermal coal demand in the US and increased the volume of thermal coal available for export. However, firm exports were not maintained in 2013 as many contracts between US coal miners and mine to port railway companies ended. Most of these contracts were drawn up before the significant fall in coal prices in 2012. However, the low price environment in 2013 meant that some US coal miners chose not to renew these contracts. It is likely that this will continue to have an impact on exports in 2014 as more contracts come to an end.

Furthermore, it is reported that some coal miners, particularly those with high costs, plan to reduce output this year. In the first two months of 2014, seaborne thermal coal exports from the US totalled 5.7mt, reflecting a y-o-y decrease of 5%. Seaborne thermal coal exports from the US are projected to decline 3% y-o-y to total 42.3mt in full year 2014.

Grain There has been uncertainty regarding the effect of political issues on grain exports out of the Black Sea region, particularly Russia and Ukraine. Both countries export significant volumes of wheat and coarse grain, with total Ukrainian grain exports currently projected to expand 32% to 30.3mt in the 2013/14 crop year. It has been reported that shipments from Ukraine’s main grain exporting ports have not been significantly affected by the political tensions, and have continued at a relatively normal pace during the first part of March 2014. However, it is still unclear whether grain exports from the Black Sea region will be affected in coming months. In 2013/14, combined wheat and coarse grain imports by the Middle East are projected to increase 6% to 51.1mt. It is currently expected that Saudi Arabian imports will account for 58% of the increase in Middle Eastern imports, with Saudi Arabian imports projected to grow 14% to total 14.3mt in 2013/14. Meanwhile, Iranian grain imports are projected to rise 3% to reach 11.3mt. Elsewhere, a projected 18% increase in total Asian grain imports is expected to account for 61% of total grain trade growth, partly as Chinese import demand is projected to surge in 2013/14 as the domestic crop has been damaged by cold weather conditions. Global coarse grain trade is projected to rise 12% to reach 140.0mt in 2013/14, partly due to a combination of firm export availability and lower prices, which have supported trade so far in 2013/14. A partial recovery in US coarse grain exports is expected to account for much of this growth. US exports of coarse grain are projected to total 40.0mt in 2013/14, however this is still below levels reached prior to the drought in 2012/13. Meanwhile, Argentinian coarse grain exports are projected to fall 20% to 20.3mt, due to the impact of unseasonably hot and dry weather in some southern regions and flooding in other regions in recent months on this year’s harvest.

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TERMINALS / PORTS Adani’s Queensland coal port gets productivity lift – 02/04 FP

Heavy lift vessel Lone. Photo: Fotoflite A refurbished 1,250 tonne coal shiploader for Adani Mining is in place at Australia’s Abbot Point coal port, SAL Heavy Lift announced yesterday. The upgrade of the 20-year-old loader gives it capacity to load bulk carriers at 5,000 tonnes per hour – up from its original 7,000 tonnes per hour. SAL transported and installed the ship loader at the Queensland port, in what it described as a year-long, technically complex project. Its vessel heavy lift vessel (HLV) Lone first transported the shiploader from Abbot Point to New Port shipyard at Mokpo, South Korea, for refurbishment and upgrading. Svenja transported the upgraded ship loader to be reinstalled at the port in March. “A key point in this project was the difficulty of loading the ship loader from the jetty in open water at Abbot Point and returning it to the same position,” Justin Archard, MD of SAL Heavy Lift, Singapore and Australia said in a statement. “This was made complex by the big difference in height of the jetty above the water line and the height of the ship’s deck,” he said. “It meant lifting the shiploader very high to achieve sufficient clearance. Issues of tidal range and vessel stability were instrumental in the planning stage.” The refurbished shiploader weighed in an extra 200 tonnes on its original weight. SAL Heavy Lift boasts 16 purpose-built HLVs, of which two are the type 183 –Lone and Svenja. “The vessels are the most powerful currently in world service,” the company said

Controversy surrounds Mauritian coal jetty – 07/04 FP A coal-fired power station to be built at Albion on the west coast of Mauritius will be served by a new MUR750M ($25M) jetty.

Coal will be brought in bulk to Port Louis harbour and there transhipped to smaller vessels to Albion – the first coastal trade in Mauritian waters for over 70 years. At a recent parliamentary questions session, Deputy Prime Minister Rashid Beebeejaun told members of parliament that the Mauritian Central Electricity Board (CEB) would be importing 600,000 tonnes of coal a year. He claimed that transporting the coal by sea to Albion would be much cheaper than by road and would cut the cost of electricity. Beebeejaun was vague about the construction schedule, saying only: “Work will start in the months to come.” He added: “The environmental impact is being looked into.” The facility will be built and operated by CT Power (Mauritius) on behalf of the CEB. The use of fossil fuel for the power station has stoked up heated arguments over the risk of environmental damage to the tourism-dependent island.

Zanzibar zips up CHEC deal – 07/04 FP Tanzania’s semi-autonomous island province of Zanzibar is to get a new port under a $230M deal with China Harbour Engineering Company (CHEC). With 300m of quayline and modern handling equipment, the multipurpose facility will be able to handle an annual throughput of 200,000teu and 250,000 tonnes of bulk and break-bulk cargo. The site chosen for the project is Maruhubi, near Zanzibar’s existing main port of Malindi and the Maruhubi freeport zone. Construction is scheduled to take three years. Funding is in the form of a $200M loan from China’s Exim Bank, repayable over 25 years, and $30M in equity finance from CHEC. In February, CHEC chairman Sun Zi Wu, quoted in local newspaper Daily News, said that Zanzibaris should expect a new port of high quality. The condition of Malindi port has been a cause for concern for many years. In 1992, Italian company Cogefar-Impressit completed new quays with a design life of 60 years. Substandard work meant that 382m of quay had to be rebuilt in 2005 at a cost of $42M by E Phil & Sons of Denmark. In 2012, the Zanzibar Ports Authority discovered that Malindi port was “sinking”.

Dry port mooted to ease Dar congestion – 07/04 FP Tanzania’s Kibaha District is planning to build a dry port at Soga, 50km west of Dar es Salaam. The aim is to ease congestion on roads and in the port, and to provide local employment opportunities. The location is close to two major railway lines, which are targeted for major investment and renewal. The Central Railway runs northwest to Kigoma on Lake Tangyanika, while the TAZARA line heads southwest into Zambia. The government and Tanzania Ports Authority are both keen to increase rail’s share of freight haulage from the port. A

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rail-connected dry port would relieve pressure on the space-constrained seaport and remove trucks from Dar’s overburdened roads. The location was chosen based on advice from Washington, USA-based Black IVY Group.

Port expansions herald new dawn for Tanzania’s deep south – 07/04 FP Tanzania Ports Authority (TPA) has issued invitations to tender for construction of four berths at Mtwara port and renewal of the jetty at Lindi. The two southern ports are expected to see a huge increase in traffic from the offshore energy industry and the Mtwara Corridor. Lindi is a small seaport near the Mozambique border. Bids for the jetty rehabilitation project must be submitted by 17 April. The deepwater port of Mtwara has two berths, one of which is dedicated to servicing the oil and gas industry. Traffic comprises imports of cement and foodstuffs and exports of cashew nuts. Total cargo throughput is below 250,000t but is expected to reach 28M t by 2030, according to TPA. Deadline for the design, build and finance bids is 25 June. Central to the Mtwara Corridor is an 860km railway to Mbamba Bay on Lake Malawi. A feasibility study for the Sh2.4Trn ($1.5Bn) Chinese-built project is under way, to be followed by an economic viability assessment. The railway will serve Sichuan Hongda Corporation’s mines at Mchuchuma (coal) and Liganga (iron ore). Mtwara port is also expected to gain traffic from coal mines at Mbamba Bay, Namwele-Nkomolo and Ngaka, an opencast agricultural lime mine at Songea and gypsum mines in Kilwa district. Rare earths in Nkasi and large uranium deposits at Namtumbo will also become accessible.

Overflow port planned for Tanga – 07/04 FP The Tanzania Ports Authority (TPA) has launched an invitation to tender for the design, construction and financing of a new port at Mwambani Bay. The new facility will cater for an expected increase in traffic that cannot be accommodated at the existing port of Tanga. Tanga is handling 600,000 tonnes of cargo a year – 100,000 tonnes more than its design capacity. Estimates suggest that by 2028, volume will have risen to 4.5M tonnes. President Jakaya Kikwete was quoted by local newspaper Daily News as saying that 20 companies are poised to tender for the project. The TPA said that a new railway will be built to Musoma via Arusha, linking the port with Lake Victoria, where further developments are planned. The line will allow the new port to tap in to the fast-expanding markets of the Democratic Republic of Congo, Rwanda and Uganda. The port was to have been developed in partnership with Uganda, but the Ugandan government has opted instead to pass its goods through Mombasa, Kenya.

The deadline for proposals is 26 June and a decision on a contractor is expected in July.

Shipping at Australian coal ports resumes in wake of Cyclone Ita - 14/04 FP Tropical Cyclone Ita hit the Queensland coast north of Cairns on Friday evening (11 April), causing extensive flooding and damage to townships before moving south. The Category 1 cyclone passed the coal ports of Mackay and Hay Point over the weekend before moving out to sea. “Shipping operations were suspended for a couple of days,” a spokesperson for North Queensland Bulk Ports (NQBP) told IHS Maritime. “So there weren’t ships at the terminal berths in Hay Point or berthed in Mackay. Normal operations will resume this afternoon at both ports. At Hay Point it was estimated 10 or so ships were affected. “The ports were never closed as such,” he said. “Ships were not required to vacate the pilotage areas for either port.” At Mackay, there were no ships directly affected. The sugar ship Pioneer departed on Thursday evening and the next ship scheduled was for this afternoon (14 April), according to NQBP. NQBP says there won’t be any problems with the next ship scheduled. Heavy rain and gale force winds cut off roads and damaged homes. In some areas, communities were evacuated, with wind gusts reaching up to 100 km per hour and coastal areas flooding. Rain is expected to continue for several days, according to the Australian Bureau of Meteorology.

Mozambique coal port opening in December – 16/04 FP The new port and coal terminal at Nacala in northern Mozambique is scheduled to open by the year’s end. Coal trains from the Moatize Basin are expected to start running to Nacala in December. Brazilian mining giant Vale has put up the money to upgrade existing tracks to handle heavy coal traffic. The project includes construction of new stretches of line passing through Malawi. Once fully operational, Nacala is expected to handle 22M tonnes of cargo a year, of which 18M t will be coal. At present, coal from Moatize is routed via the Sena railway to the port of Beira. However, even after upgrading to handle 12M t/year, the line will unable to handle the expected 100M t/year production from the Tete coal mines, hence the need for alternative outlets. Mozambique’s transport minister, Gabriel Muthisse, said that by 2016 a new coal terminal will be operational at Beira, able to handle 30M t/year. Muthisse also revealed that plans are in hand to build a port at Macuse, which will have a dedicated railway to Moatize. Together, the port and railway will be able to shift 30M t/year of coal.

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In a statement Muthisse said: “We don't want our national products to become uncompetitive because of our railways or our ports.”

Deepwater port 'needed' at DR Congo's Banana – 21/04 FP Construction of a deepwater port at Banana is the only way to prevent Democratic Republic of Congo losing trade to neighbouring Congo-Brazzaville, said Bas-Congo leader Etienne Lutete. Lutete says competition will hit DR Congo once a road/rail bridge between the two countries has been built, according to. Plans for the 4km link over the River Congo are well advanced. When it opens, traders will prefer to use Congo-Brazzaville’s rail-connected deepwater port at Pointe-Noire instead of DR Congo’s shallower river ports of Matadi and Boma, Lutete believes. Conflict and financial problems have stymied plans to expand Banana’s small port for 30 years. In 2010, it was announced that South Korea had agreed a minerals-for-infrastructure deal with the DR Congo government. According to Mining Review, Hyundai, Bosco and STX were slated to build a $500M deepsea port at Banana. Other reports said that Daewoo International would take on the work. Bloomberg reported in late 2010 that Korea National Oil Corporation might work with DRC’s state-owned Cohydro oil company to develop oil deposits. DR Congo has one-third of the world’s reserves of cobalt and important deposits of copper, tin, gold and diamonds. Quoted by Radio Okapi, Lutete said that the bridge would hurt DR Congo’s economy and called on the government to act swiftly to avoid losing investors.

FREIGHT MARKET Sulphur emissions controls to raise freight rates – 10/04 FP

Description: Testing sulphur levels in fuel Credit: DNV Petroleum Services

The implementation of tighter sulphur emissions controls will drive up shipping costs, and consequently freight rates would have to rise, said IHS Energy. In the 2020s, freights are expected to begin a long-term upward trend as the effects of requirements to use alternatives to heavy-sulphur fuel oil become apparent. The Richards Bay–Rotterdam Capesize rate is projected to increase from $10.52/tonne in 2020 to $14.22/tonne in 2030. Similarly, the Newcastle-Japan Panamax rate is expected to rise from $17.32/tonne in 2020 to $23.55/tonne in 2030. However, any rise in freight rates would also push up the delivered price of coal. IHS Energy projects that the delivered steam coal price to Northwest Europe will increase from $81.69/tonne in 2013 to $103.20/tonne in 2030. IHS Energy commented: “With the new emissions restrictions in place, the projected freight rate increase will almost entirely be owing to the rise in the variable cost, the fuel, for ship owners. “Consequently, the magnitude of the rate uptick will essentially be seen in the rise in the floor to freight costs, since other costs are not expected to change much.” Therefore, IHS Energy expects the current assumed floor of $6/tonne for the Richards Bay-Rotterdam route to rise to just over $11/tonne by 2030.

Hope seen beyond depressed freight rates – 10/04 FP Spot freight rates for dry bulk carriers remain under pressure due to weak demand, but the market fundamentals are encouraging for the whole of the current year, analysts say. Capesize rates have been under pressure for all routes and although the west Australian miners have been fairly active, volume has not been sufficient to avoid a total collapse in the market, said Fearnley, the Oslo based shipbroker, in a weekly report on the shipping markets. The Supramax market is in a steady decline in both hemispheres, with rumours of cancelled grain requirements from east coast South America to China adding fuel to the negative sentiment. In the Panamax sector, the negative trend from last week continued. Atlantic business remained very slow with many ships idle waiting for employment. However, amid the gloom, the demand side for dry bulk shipping looks encouraging, said Peter Sand, chief shipping analyst at BIMCO. “2014 will be a year with full focus on the big mining companies, who are ramping up the production of iron ore by as much as 170M tonnes.” “Iron ore and thermal coal are the key drivers in the coming months. Soyabean exports out of Brazil will play a supporting role as demand is building up,” he said. Platts, the commodity trader, noted that exports of thermal coal from Columbia were likely to increase by 3M tonnes a month going forward.

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BIMCO believes Capesize timecharter average rates will hover at $12,000–22,000/day in April and May. Panamax timecharter average rates will still feel the supply pressure, in the region of $5,000–10,000/day. For the Supramax segment, BIMCO forecasts rates in the range $10,000–14,000/day, supported by more Atlantic cargoes, whereas Handysize rates should be $8,000–10,000/day.

BIMCO: Positive Capesize outlook – 11/04 FP

BIMCO chief shipping analyst Peter Sand. Photo: Crystal Chan/HIS Capesize rates are expected to stay profitable as newbuilding deliveries pass their peak, said BIMCO analyst Peter Sand. While freight rates for Capesize ships have fended off the talk of a slowdown in China in an impressive fashion, rates finally took a minor hit on the final trading days of March. As the strong sentiment eased, it caused a derivatives sell-off in its wake. Yesterday, the Baltic Capesize Index assessed average time-charter rates at $825 lower, at $11,763/day. Following some frantic delivery years, the pulse of shipyard output is significantly down from the one-Capesize-ship-a-day of the peak years (2010-2012) to more normal levels, going forward at 2.5 ships per week in any given drybulk sub-segment. BIMCO believes that the level of Capesize TC average rates will hover around $12,000-$22,000 per day. The China factor in the drybulk market remains strong. Imports of iron ore to China continue to surge, with the country importing 148M tonnes in January-February 2014, an increase of 21.4% year on year. Imports in February 2014 amounted to 61M tonnes. All figures for February were affected by the Chinese New Year festivities. Iron ore stocks at ports rose to a record 107M tonnes in March 2014. Iron ore prices are under pressure, which will encourage arbitrage imports. Chinese coal imports also expanded by 9% in January-February 2014 to 59M tonnes. International coal prices continue to decline, further undercutting struggling Chinese

miners. In January-February 2014 electricity generation in China expanded by 7.7% year on year.

Korea Line wins $159M coal delivery contract – 11/04 FP Korea Line Corporation has announced on 9 April that it signed a long-term contract for delivering coal to Korea South-East Power worth KRW164.9Bn ($159M). The transaction accounts for 30.8% of the company's sales in its latest fiscal year. A Capesize carrier will deliver 1.26M tonnes of coal annually for 10 years, from April 2017 to March 2027, KLC said in a Korea Exchange filing. Regarding Korea Line’s announcement, Shinyoung Securities’ analyst Um Kyung-Ah commented, “Korea Line proves its competitiveness in the specialised bulk delivery." The analyst suggested a target price of KRW32,000 and maintained a "hold" rating on the stock, which is now trading at KRW24,800. KLC, which went into receivership in 2011, was bought over by a consortium led by TK Chemicals and construction group SM last year.

Lack of Brazilian cargoes pressures Capesizes – 17/04 FP Capesize rates remain under pressure due to a lack of iron ore exports from Brazil, brokers told IHS Maritime. “There’re lots of ore movements from Australia to China but there’s no support from Brazil so rates are coming down,” said one Singapore-based broker. The broker said that charterers are throwing offers of $7.25/tonne for the West Australia-Qingdao route, compared to the closing rate of $7.418/tonne on the Baltic Exchange yesterday. “The market expects the Baltic index to drop again today. It really isn’t good,” said the broker. The Tubarao-Qingdao rate closed at $18.245/tonne yesterday, a $0.455 drop from the day before. Another broker said the lack of cargoes from Brazil has created a build-up of ships and with no loading or discharge delays in major ports, charterers are taking advantage of the situation. “Charterers know how many ships are out there so they are throwing low numbers at us,” said the second broker. Louis Dreyfus fixed Navios Etoile for $7.85/tonne for a West Australia-China trip but it was for a prompt trip, while Rio Tinto took two ships for $7.75/tonne each for laycans at the end of this month.

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Falling Chinese iron ore output pushes Capesize rates – 24/04 FP

Trucks waiting to load iron ore in Qingdao, China. Credit: Southern Cross Maritime The domestic iron ore production in January and February totalled approximately 183.27M tonnes, marking a year-on-year increase of only 4.6% to 8.1M tonnes, according to the recently released data from the Chinese government. This pales in comparison to the 21% y/y growth in Chinese iron ore imports. Dry bulk consultancy Commodore Research said this augurs well for Capesize rates. Iron ore and coal are the main cargoes for Capesizes. Commodore said: "Overall, we continue to believe that Chinese iron ore imports will average at least 75M tonnes per month during the year ahead (Chinese iron ore imports averaged 68.4M tonnes last year), which we anticipate will drive Capesize rates to robust levels. "In addition to iron ore import prices being poised to stay well below last year’s levels, consuming a larger proportion of imported iron ore over domestic iron ore remains in the best interest of environmental concerns in China. Chinese iron ore now averages about 15–20% in iron content, while imported iron ore typically exceeds 50%." Commodore long anticipated that Chinese iron ore import growth in 2014 would exceed Chinese iron ore production growth, due in large part to the huge amount of additional Australian and Brazilian iron ore production set to come online this year . Commodore estimates that 120–140M tonnes of additional Australian and Brazilian iron ore cargoes are set to come to the market this year. In January and February of 2013, Chinese iron ore production growth had increased y/y by 14.4%. During the first two months of this year, however, iron ore imports prices have been approximately 23% cheaper than they were last year. This has held back growth in the domestic iron ore production, as smaller Chinese miners are faced with much higher mining costs and have not been significantly increasing production levels as end prices are low. Current iron ore prices are causing smaller Chinese iron ore miners to operate at or close to at a loss, but major

international iron ore exporters continue to operate at levels well above operating costs.

Iron ore imports offset freight rate drop – 30/04 FP The ongoing decline in Capesize freight rates has hidden the fact that China continues to import a huge amount of iron ore from Australia this week. Drybulk consultancy Commodore Research said in a research note that as of yesterday, 13 Capesizes were booked to ship iron ore to China, including seven ships yesterday. However, freight rates are still dropping due to ample tonnage, as there have been little iron ore movements from Brazil to China, brokers told IHS Maritime. Freight rates fell by $0.28 to $18.62/tonne on the Tubarao-Qingdao route yesterday while the W Austalia-China rate fell $0.28 to $7.11/tonne. Average time-charter rates fell $526 to $9,114/day as of yesterday. Commodore commented: “So far, Chinese demand for imported iron ore cargoes has remained very strong as it has during the last 12 weeks. It remains to be seen how iron ore import demand will be affected by the Chinese government's decision to have banks raise the deposit minimum needed when financing iron ore purchases, but for now demand has remained strong. Sentiment has taken a heavy blow, however.” China imported a record 222M tonnes of iron ore during 1Q14. During the same time period, however, Chinese iron ore port stockpiles grew by approximately 14M tonnes as steel production hit a record 2.27M tonnes in March.

COMMODITIES China iron ore stockpile increases – 02/04 FP Iron ore inventories at China's 25 major seaports rose by 1.17M tonnes to 107.03M tonnes, according to the Xinhua-China Iron Ore Price Index yesterday. This is the seventh consecutive week of inventory increase due to slowing demand, new data showed. The price index for 62% Fe iron ore imports was flat from the previous week at 109, according to the report. Prior to last week, the price index dropped by 19% from 135 points since 7 January. Prices for imported iron ore rose in the beginning of the week, said the report, but dropped after the middle of the week because of weak market demand. Due to an improving iron and steel market and sharp increases in iron ore futures, more enquiries were made at the seaports about the spot prices of imported iron ore last week, said the report.

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Iron ore exports to grow – 15/04 FP An expected strong increase in iron ore exports from Australia and Brazil should be enough to employ all the Capesize dry bulk carriers that are due for delivery this year, according to shipping analysts at Pareto. At the end of last month, Australia's Bureau of Resources and Energy Economics (BREE) released its latest quarterly trade forecast, which predicts that Australian and Brazilian iron ore exports this year will rise by a total of 139M tonnes or 15% from 2013's total, Jonas Advocaat Kraft and Eirik Haavaldsen, the two analysts, said in a weekly report on shipping markets. “Every Capesize vessel carries 1M tons of iron ore per year. There are about 130 cape equivalents (Capes and very large ore carriers) with scheduled delivery dates this year and the net growth y/y is 60 (after scrapping 26, slippage 18 and cancellations 29). Thus there should be a shortage of Capesize vessels to transport iron ore alone, supportive for rates of course,” they said. Their views echo those of Jacob Pedersen, a shipping analyst at Sydbank in Denmark, who forecast last week that growing iron ore imports in China would ease overcapacity and lead to a rise in freight rates for Capesize bulkers. “The demand side looks quite robust, but less slow steaming and less scrapping can have a negative effect,” he stated in a monthly market report.

BHP iron ore output up 21% - 16/04 FP Mining giant BHP Billiton today announced its iron ore output spiked 21% in the first three quarters FY14, even defying a traditional slump in monsoon season this year. Iron ore output in the Pilbara region in Western Australia ramped up to record production of 163M tonnes with BHP raising full year production guidance by a further 5M tonnes to 217M. Production of steelmaking coal was 24% higher, the miner announced. Queensland coal achieved a record annualised production of 69M tonnes in the March quarter. Petroleum was up 16% to 77M barrels for the nine-month period, underpinned by a 71% increase at Onshore US. “Our productivity agenda continues to deliver outstanding results,” CEO Andrew MacKenzie said in a statement today. “By maintaining strict financial discipline and a focus on our four pillars of iron ore, copper, coal and petroleum, we continue to believe that an average rate of return greater than 20% is achievable for our major development options,” he said.

Fortescue iron ore exports up 59% - 17/04 FP

Iron ore being loaded in Port Hedland. Photo: Southern Cross Maritime Fortescue Metals Group’s iron ore exports for the March quarter rose 15% from the December quarter and 59% year-on-year, the Australian miner announced yesterday. Total ore shipments reached a record of 31.5M tonnes in the March quarter, lifting financial year to date shipments to 85.4M tonnes. This represents a 53% increase over the prior comparable period, Fortescue reported. It was a sixth consecutive shipping record. In its report to the Australian Stock Exchange (ASX) yesterday, FMG also announced completion of the $9.2Bn expansion of its port, rail and mines allowing a capacity of 155M tonnes/annum. The T155 expansion was completed on 28 March with all new port components, including two new berths and two new train unloaders at Herb Elliot Port now operational. Debts of $3.1Bn had been repaid. Sales were on a discounted CFR (cost-and-freight) price of $107/tonne. FMG maintains it will reach its full year export target of 127M tonnes. "Fortescue plans to ship 41.6M tonnes in the June 2014 quarter to achieve 127M tonnes in FY14," the miner said. "The mining rail and port operations have demonstrated the required sprint capacity during the March 2014 quarter to achieve this target."

China's steel consumption on the rise – 22/04 FP Shipbuilding steel consumption is expected to see an increase of 18.2% year on year in 2014, amounting to 13M tonnes, stated China’s Association of National Shipbuilding Industry. China might see a small growth in ships under construction this year, stated the deputy director of Information Department at CANSI, Tan Naifen; and the imbalance between supply and demand in the shipping market may improve. The output of China’s 87 key shipyards in January and February has increased by 9.2% y/y, standing at CNY50Bn ($8Bn), and the ship export in these yards also climbed 20% y/y to CNY25.2Bn, stated CANSI’s recent report.

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Tan also believed that the price of shipbuilding steel might rally due to the increase in demand.

Supreme Court lifts ban on Goa mining – 23/04 FP India's Supreme Court on 21 April lifted its 19-month-old ban on iron ore mining in Goa, but fixed an annual cap of 20M tonnes of iron ore extraction in the state. The court in its directive also cancelled mining leases that had been given extensions after 2007 after completion of 20-year renewal periods. It has asked an expert panel to decide on the final capacity that will be allowed to be mined in the state within the next six months. Since most of the ore to be produced will be bought by local steel companies, the move is unlikely to boost exports from India. The lifting of the ban has come at a time when China's economy has slowed and there is a global surplus of ore. Goa was India's biggest producer of iron ore and accounted for half the nation's exports until the ban was implemented in September 2012. The special forest bench headed by Justice AK Patnaik said the panel would also advise how the extracted dumps are to be utilised. The bench also set out conditions that no mining lease would be granted one kilometre around national parks and wildlife sanctuaries. The court directed the Ministry of Environment and Forests (MoEF) to identify such eco-sensitive areas. As an interim measure, the court has permitted resumption of iron and other ore mining by those granted fresh leases by the state government in accordance with its policy decision and Mines and Minerals (Development and Regulation) Act.

China's 2014 crude steel output to rise 3% - 28/04 FP China’s crude steel output is predicted to grow about 3% year on year in 2014, due to high fixed capital investment volumes in 2013 and 1Q14. In 2013, the national crude steel output increased 9.4% y/y to 752M tonnes, according to China Iron and Steel Association. The fixed capital investment in the steel mills fell 2.1% y/y to CNY506Bn ($80.9Bn) nationwide in 2013, which was still at record high levels. In 1Q14, the investment fell 7.5% y/y to CNY71Bn in China. Also, the crude steel output grew 2.4% y/y to 202.7M tonnes in China in Q1, with the rate down 6.73% y/y.

Fearnleys Dry Bulk Report – Week 05 (29/01/14)

Handysize

There is still no place to hide in the Atlantic for the smaller but flexible sizes. Slow and weak seems to be the headlines,

although the Pacific is slowly showing some signs of recovery. USG to Brazil is done at arrnd mid 5K, trip across to Med at high 8’s. Fronthaul in the mid 15.000 rge. A flow of fresh requirements lifting the Pacific slowly to 10-11 K bss Spore for coal rounds. Owners see mid 9’s China-Indo-India runs, and abt same for NOPAC or 10-11 + 300 BB APS. South Africa have not changed much, where India positions get abt 12 K + 250 GBB for trips via S Africa to the East. Period not very active, although larger Ultramax apparently done 13.500 for Sh period bss del CJK.

Panamax The Easter break did not cause any radical changes to even the most strong believers. The overwhelming oversupply of tonnage versus too few requirements and low activity still prevails in both hemispheres. Owners in the Atlantic are simply holding back from fixing the poor returns offered. However, with a slow flow of fresh requirements sentiment is pushing the Atlantic slightly up to 3-5.000 on T/C, but far less on voyage terms. The long lack of push from ECSA grains could be in a turning point, although it remains to be seen a clear postive trend. Typical levels mid week at abt 14.500 + 450 K GBB APS. In the Far East, where most people live, it is quiet and levels are still poor. Levels hovering in the 7.000 range for various rounds up to abt 9.000 for NOPAC on T/C. There is a scent of optimism from ECSA grains expectations and tick higher levels are seen on Indo/india runs. Lifting of the 19 month old iron ore ban in GOA could have a positive effect for the Panamax owners after the monsoon season later this year. Meanwhile, the period market is in a waiting mode, under the motto: “let’s see tomorrow” lacking suport from a flat forward curve.

Capesize

After Easter, the sentiment has turned more positive and

owners will rather let their ships wait or ballast than fix pre

Easter levels. West Australia / Qd is presently at usd 7,60, and

more owners are aiming in the 8s. Its more coal being

shipped and rates are slowly improving for trades like

indonesia /india and east coast Australia/ far east. For the

Atlantic and front haul however, it remains weak with lack of

requirements. Its however expected this will change within

soon, which will together with increased period interest be

the main contributors for improved rates.

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Further Information: Clarkson Research: www.crsl.com Fairplay: www.fairplay.co.uk Fearnleys: www.fearnresearch.com ================== FUTURE ABSTRACTS DBTG members are active world-wide so please contribute any interesting items from your own daily reading for inclusion in future issues of News Abstracts. Please send by e-mail to the Secretariat address below ================= DBTG Secretariat Tel: +44 1273 933817 Fax: + 44 1273 933715 E-mail: info@dry bulkterminals.org

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