The outlook for dry bulk shipping in 2010 is bleak due to the imbalance between demand and supply, according handysize specialist Precious Shipping.

The Bangkok-based shipowner noted steel demand between 2008 and 2010
was set to remain flat with a forecast consumption of 1.2bn tones this
year according to the World Steel Association. By contrast even a 50%
slippage in delivery of newbuildings is assumed for 2010 the dry bulk
fleet would have increased by 31.82% in deadweight tonnage terms
between 2008 and the end of 2010. “Whichever way you look at this
situation, it still comes out looking like bad news for 2010 in terms
of dry cargo prospects,” Precious Shipping said. Precious Shipping
reported a full year net profit of $88.1m in 2009, compared to a
$148.1m profit in 2008.

Source: SeaTradeAsia-Online

Search to find what you want

• Precious sold two older ships

    Precious Shipping has continued to sell off elderly vessels in its fleet. The Thai-listed shipowner has sold the 1984-built, 33,024 dwt Nipha Naree and the 1986-built 25,309 dwt Neera Naree for $6m and $6.25m respectively in recent days

• Precious starts buying

    As it nears the end of a large scale clear-out of older tonnage Thai-based handysize dry cargo specialist Precious Shipping has, as expected, started buying modern second-hand tonnage.

• Iran: Steel production to a dramatic growth in the next few years witnessed

    Iran’s steel output will witness a dramatic growth over the next few years, Business Monitor International (BMI) reported in its Iran Metals Report Q1 2010. According to the World Steel Organisation (WSA), Iran’s crude steel output is expected to increase by 5.1 percent in 2010. BMI’s forecasts are slightly more

• India: Mineral sector grows by more than 8 pc in October 2009

    The country’s mineral production in value terms grew by 8.25 per cent to Rs 8,817 crore in October 2009, according to an official data? released on Monday.

• Hebei Steel Group posts biggest crude steel production in China in 2009

    In 2009, the Chinese steelmaker Hebei Steel Group registered sales revenues of RMB 177 billion ($25.92 billion), with net profit estimated at RMB 470-940 million ($69-138 million).? Meanwhile, in the year in question the company posted a crude steel output of 40.27 million mt, ranking first among steel producers in

• Iran, the Middle East s leading manufacturer of large steel plates

    Iran’s Khuzestan Oxin Steel Company has manufactured the first 4.5-meter wide and 12-millimeter thick steel plate which is second to none in the Middle East. The Moj News Agency reported that the company, which is the largest manufacturer of wide steel plates in the region and one of the ten

• The deadlock of Sino-Australian iron ore negotiations in domestic steel mills led to losses

    Some research institutes said that the effort made by China to ask Australian ore makers to reduce more price did not benefit domestic steel mills, instead lift their purchasing cost. China hopes to get more beneficial price from Australian manufacturers, but its efforts backfired. The body pointed out that some steel mills

• Vietnam: boat builders, so that its own steel production is the only way forward

    However, the group denies the charge saying it has every reason to follow a steel project. The Vietnam Steel Association (VSA) has sent a dispatch to the Government Office, requesting it considers the Vinashin’s plan to expand the steel project in Quang Ninh province to have the capacity of one

• Iran: Domestic steel production increased more than 9 percent in 2009 over the previous year

    The World Steel Association named Iran as the 16th largest steel producer in the world in 2009.

• China high crude stocks

    China produced 317.31 million tons of crude steel in the January to July period of this year, up 2.9 percent year on year, according to statistics from the Ministry of Industry of Information Technology. The daily output amounted to 1.50 million tons, higher than the 1.37 million tons for the

• Moody provides a stable year in the credit ratings of steel companies

    Reuters reported that rating agency Moody’s Investors Service expects a stable year in the credit ratings of steel companies as demand bounces back, but rising prices of steel making raw materials pose a key risk. Mr Matthias Hellstern senior credit officer at Moody’s said that “If raw material prices are

• Changes to Grieg Star Shipping

    Grieg Star Shipping AS is pleased to announce that Atlanticargo Services AB has completed their restructuring.? While there will be changes, some things will not change: The ships and the trans-Atlantic schedules remain unchanged, with 2 sailings per month each way. The booking control remains with Atlanticargo Services AB, in

• EUROFER: EU steel exports expected to rise moderately in 2010

    In the third quarter of 2009, steel exports from European Union member states (EU-27) to third countries stabilized at the level registered in the preceding quarter; meanwhile, in the year-on-year comparison, exports also saw a stabilization – according to the “Economic and Steel Market Outlook 2010-2011″ report released by the

• 2010, bringing cheer for steel producers

    Anticipating a big rise in steel prices in the coming year, iron ore producers are hiking their prices in China. As an indicator for the steel market, the Baosteel Group Corporation (Baosteel) has raised January 2010 iron ore prices

• Afghan

    Afghanistan, one of the world’s poorest countries, is sitting on mineral and petroleum reserves worth an estimated one trillion dollars, President Hamid Karzai said Sunday. The war-ravaged nation could become one of the richest in the world if helped to tap its geological deposits, Karzai told reporters. “I have very