Britain To Build A ‘National Flagship’ To Promote Maritime Trade
by Alistair Smout (Reuters) – Britain is to build a new flagship to promote its business and trade interests around the world, the government said on Saturday, in a move it...
OSLO, Feb 28 (Reuters) –
** Dry bulk shipper Golden Ocean’s CEO Birgitte Ringstad Vartdal says industry now faces more positive outlook after market brutal downturn
** Says demand is picking up, supported by increase in steel consumptions both in China and in the rest of the world; coal demand is a swing factor
** The single most important reason explaining an improving market however, is that fact that global orders for building new vessels continue to shrink
** Says order book stands at 15-year low, equivalent to 77 mln dead weight tonnes in orders at the start of the year or about 10 percent of the present dry bulk fleet
** Says actual deliveries of new vessels expected to be even lower, 53 mln dwt is more realistic
** says assuming no more orders this year, order book will stand at 3 pct of the current fleet at end-2017
** CEO: Comparing that with the older part of the fleet, 16 pct of the vessels are more than 15 years, and with new regulations more scrapping should be expected
** CEO: I think the most important factor (for an improved market) is a limit of new orders. If that part is under control we expect to see an improvement in the market
** CEO: Seeks to maintain exposure in spot market in anticipation of a further improvement in rates
** CEO: Despite recent rise in spot rates dry bulk rate are at low level
** CFO Per Heiberg: Expects lower operational earnings in Q1 vs Q4 due to seasonality (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)
(c) Copyright Thomson Reuters 2017.
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