PLN's Unit to Transport 7.3 Million Tons of Coal

Thu, 25 Jan, 2012

JAKARTA : PT Pelayaran Bahtera Adiguna (BAG), a subsidiary of state-utility PT PLN, will transport around 7.3 million tons of coal in 2012 from Tarahan Lampung port to several Steam Power Plant (PLTU).

The plants, which are part of PLN’s Phase I of 10,000MW project, are the PLTU Labuan Banten 2x300 MW, PLTU Suralaya Baru Banten 1x625 MW, PLTU Lontar Tangerang 3x315 MW, PLTU Indramayu West Java 3x330 MW, PLTU Rembang Central Java 2x315 MW, PLTU Paiton East Java 1x660 MW, PLTU Cilacap Central Java 1x660 MW, PLTU Pelabuhan Ratu West Java 3x350 MW, and PLTU Pacitan East Java 2x315 MW.

“To realize the vessel needs: tug and barge, self propeller barge, etc., BAG will also jointly operate with company’s partners in sea transportation provider,” President Director Bima Putrajaya said in a press statement.

According to Bima, ship procurement for 2012 fiscal year and beyond will be done through second hand market and from shipyards.

From the 10,000MW PLTUs operational, PLN needs at least 80 million tons per annum until 2014, and “BAG will only able to transport maximum of 20% from all coal needs,” Mr. Bima added.

BAG has previously operated two coal vessels: KM Kartini Baruna and KM Kartini Samudra, starting from Monday (16/1), representing the very first-owned vessels since becoming PLN’s subsidiary in August 2011.

The vessels are able to transport total of 136,274 tons of coal. The vessels’ destination is to supply the 2 x 662MW Tanjung Jati B Steam Power Plant Unit 3 and 4, Jepara, Central Java.

KM Kartini Baruna will transport 68,264 tons from Bontang Coal Terminal, East Kalimantan, while KM Kartini Samudra will deliver 68,010 tons from Tanjung Bara port, Kaltim Prima Coal. Additionally, KM Kartini Samudra is jointly operated between PBA and PT Jaya Samudra Karunia (JSK).

(sourced Theindonesiatoday.com)

Newcastle weekly coal exports increase by 43%

Tuesday, 24 Jan 2012

Bloomberg reported that coal shipments from Australia’s Newcastle port increased 43% last week. The queue of ships waiting to load coal cargoes lengthened to 16 from 14.

(Sourced from Bloomberg)

Port conditions, vessel movements and their cargo at Visakhapatnam Port.

Visakhapatnam Port Vessel Movement - Oct 31 - Table

Monday, October31, 2011

MUMBAI, : Port conditions, vessel movements and their cargo at Visakhapatnam Port.

SUMMARY:
Total Vessels in Port 47
including --Working Vessels 18 --
Waiting Vessels 29 --
Expected Vessels 40
Latest arrivals: --Ks Trader, today --Twinkle, today --Jag Rahul,
today --Jag Rahul,
today --Huge Sw,
today --Green Valley,
Sunday --Hanna Marie, Sunday --N Purna,
Sunday --Ever Regal, Sunday --Avra,
Sunday --Achilleus,
Sunday --Silver Fern, Sunday

WORKING VESSELS: Vessel name ETA Cargo Total Balance Agent date -Tonnes/TEUs- ----------------------------------------------------------------------------- >>

EXPORT CARGO:
1) Jindal Tarani Oct 17 Steel & Rock Boulder 3,984 1,416 Synergy
2) Malavika Oct 20 Iron Ore Fines -- 40,000 Sc & Co
3) Calmy Coral Oct 22 Illuminate Sand -- 13,000 Esskay S.S
4) Dd Success Oct 25 BF Slag 22,600 1,698 Pvr Murthy

IMPORT CARGO:
1) Hodasco 19 Oct 9 Pre-Baked Anodes 3,682 2,322 J Mackan
2) Maya Prinicess Oct 10 Ammonium Nitrate 17,434 10,063 Sravan
3) Ipsea Colossus Oct 16 Anthracite Coal 6,830 970 Osl
4) Hanjin Bombay Oct 21 Nitrogen Phosphate 8,618 16,202 Jm Baxi
5) Therese Selmer Oct 21 S Coal 28,844 28,727 B.S.S
6) Trogir Oct 22 Industrial Salt 29,126 11,274 Picket
7) Atlantic Oct 23 DI-Ammonium Phosphate -- 30,000 Jm Baxi
8) Tamarita Oct 24 Coking Coal 10,648 6,900 Sail
9) Matsushima Bay Oct 26 Steam Coal 26,801 5,198 Seatrans
10) Mare Tracer Oct 28 Rock Phosphate 15,758 34,702 Jyothi
11) M Vishwamitra Oct 29 LP Gas 16,700 8,300 Sravan
12) Sanko Neptune Oct 29 Sulphuric Acid 4,650 9,363 Jyothi Shpg

CONTAINERS:
1) Green Valley Oct 30 Imp/Exp 143/-- 97/1050 Tlpl Shipping
2) Hanna Marie Oct 30 Imp/Exp 167/-- 32/331 Samsara

TRANSHIPMENT: ----------Nil---------
VESSELS WAITING: Vessel Name Arrival/ETA Cargo Tonnes/TEUs Agent ----------------------------------------------------------------------

EXPORT CARGO:
1) Akij Glory Oct 16 Iron Ore Fines 25,000 Kr & Sons
2) Shan Hai Oct 23 Iron Ore Fines 20,000 Atlantic
3) Ocean Star Oct 24 Steel Plates 19,000 Esskay S.S
4) Global Genesis Oct 25 Iron Ore Fines 35,000 S.C. &Co
5) Rainbow Angel Oct 25 Illuminate sand 10,000 Fortune
6) Fressia Oct 26 Granite Block 8,000 Puyvast
7) Ram Prasad Oct 28 Iron Ore Pellets 135,000 Essar
8) Tamil Kamaraj Oct 28 Thermal Coal 20,000 Seaport
9) N Purna Oct 30 Iron Ore Fines 45,100 Puyvast
10) Ever Regal Oct 30 CP Coke 23,000 Eshwar Shipping
11) Jag Rahul Oct 31 Iron Ore Fines 44,000 Chowgule
12) Huge Sw Oct 31 Soya bean 10,000 Gac >>

IMPORT CARGO:
1) Fon Tai Oct 19 Yellow Peas 24,400 Tinna Viterra
2) Le Sheng Oct 23 General Cargo 4,127 Deblines
3) E Strait Oct 23 Steam Coal 53,369 B.S.S
4) Ocean Star Oct 24 DAP 21,000 Esskay S.S
5) V-Rod Oct 25 Coking Coal 50,000 Interocean
6) Azur Oct 29 Coking Coal 13,000 Sail
7) Progress Oct 29 LPG 25,000 Atlantic
8) Gloria Galaxy Oct 29 Manganese Ore 10,583 Seahorse Ship
9) Free Lady Oct 29 NPS 40,010 Seatrans
10) Avra Oct 30 Coking Coal 50,000 Sail
11) Achilleus 1 Oct 30 NPK 28,977 Span
12) Ks Trader Oct 31 Gypsum 39,900 Eversun
13) Twinkle Oct 31 LDO 3,554 Atlantic
14) Jag Rahul Oct 31 Pellets 45,000 Kr & Sons

CONTAINERS:
1) Gati Majestic Oct 29 Imp/Exp 100/200 Tlpl Shipping
2) Silver Fern Oct 30 Imp/Exp 400/200 Focus Trans

TRANSHIPMENT:
1) Maple Express Oct 29 Naphtha 18,000 Interocean

VESSELS EXPECTED: >>EXPORT CARGO:
1) Pfs Narayana Oct 31 Thermal Coal 27,500 J.M. & Baxi
2) Tamil Anna Oct 31 Thermal Coal 20,000 Seaport
) Orchids Oct 31 FO/LSHS 28,000 Atlantic
4) Chandi Prasad Nov 1 Iron Ore Pellets 137,000 Essar
5) E Ali Hussain Nov 1 Stone Boulders 2,000 Synergy
6) Norient Saturn Nov 1 Furnace oil 31,500 Atlantic
7) Dev Prayag Nov 2 Iron Ore Fines 45,000 Navship
8) Ap Drzic Nov 3 Iron Ore Fines 40,000 S.C. &Co
9) Tci Prabhu Nov 3 Food grains 3,200 Gprspl
10) Jag Prakash Nov 3 Gas condensate 10,000 K.R.& Sons

IMPORT CARGO:
1) Osmarine Oct 31 Coking Coal 50,000 Sail
2) Gandhar Oct 31 Crude Oil 140,000 Avbgpr
3) M Vamadeva Oct 31 LPG 7,000 J.M. & Baxi
4) Rainbow Oct 31 Rock Phosphate 43,523 Benline
5) Jindal Varuna Oct 31 Timber Logs 1,500 Synergy
6) Ankleshwar Nov 1 Crude Oil 135,000 Avbgpr
7) Halki Nov 1 Nitrogen Phosphate 32,253 Interocean
8) Anna Elisabeth Nov 1 Steam Coal 53,800 Interocean
) Chemical Arrow Nov 2 Caustic Soda 7,200 Monship
10) Michalakis Nov 2 Manganese Ore 20,000 Integral
11) Pujawati Nov 2 Methanol & Styrene Monomer 10,250 J.M. & Baxi
12) Mairouli Nov 2 Steam Coal 30,000 Navship
13) Jiu Hua Hai Nov 3 Manganese Ore 16,200 Seahorse Ship
14) Selecta Nov 3 MOP 20,650 B.S.S
15) V Ocean Nov 3 MOP 22,000 Interocean
16) Arcadia Nov 3 Steel Coils 18,497 Seaways
17) Jin De 5 Nov 4 General Cargo 11,312 Seahorse Ship
18) Majic Orient Nov 4 Nitrogen Phosphate 27,000 Interocean
19) Patriotic Nov 5 Caustic Soda 5,569 Atlantic
) Sakhalin Nov 7 Ammonium Nitrate 22,693 Damani Shipping
21) Stealth Nov 8 Sulphuric Acid 19,000 Atlantic
22) Team Spirit Nov 9 MOP 32,820 Esskay S.S
23) Densa Eagle Nov 9 MOP 42,600 Esskay S.S
24) Apellis Nov 10 Scrap in Bulk 32,199 B.S.S

CONTAINERS:
1) Tiger Shark Oct 31 Imp/Exp 267/150 Btl
2) Hansa Rostock Oct 31 Imp/Exp 400/-- Focus Trans
3) Sfl Avon Nov 1 Imp/Exp 100/100 Seaways
4) H Vancouver Nov 1 Imp/Exp 200/450 J.M. & Baxi
5) Maersk Delano Nov 2 Imp/Exp 400/100 Maersk Line

TRANSHIPMENT:
1) Jag Amisha Oct 31 Naphtha 18,000 Interocean N.A.=Not Available

NOTE: A. Coal=Anthracite Coal;
A. Nitrate=Ammonium Nitrate;
A Sulphate= Ammonium Sulphate;
ACN= Acrylonitrile;
ATF=Aviation Turbine Fuel; BF Slag= Blast Furnace Slag;
B. Powder=Bleaching Powder; B Metal= Blue Metal Sand;
C. Mat= Construction Material; CAO=Coconut Acid Oil;
CBFS=Carbon Black Feed Stock; CO= Crude oil;
CPKO=Crude Palm Kernel Oil; CPO=Crude Palm oil;
CP coke= Crude petroleum coke; CPS= Crude Palm Stearin;
CS Lye= Caustic Soda Lye; CSFO=Crude Sunflower Oil;
=Crude Soybean Oil; Copper Con.= Copper Concentrate;
C. Stone= Cobble stone; DAP=Di-Ammonium Phosphate;
DEG=Di-Ethyl Glycol; DRSO= Degummed rapeseed;
DSBO=Degummed soybean oil; EDC=Ethylene Dichloride;
= Dropping Outward Pilot; FO=Furnace Oil; G. Cargo=General Cargo;
G. Blocks= Granite blocks; HFHSD=High Flash High Speed Diesel;
HT= Hopper Tonne; HSD=High Speed Diesel; HSO=High Speed Oil;
alloy steel=Hot Rolled alloy steel; H/H Vehicles=High & Heavy Vehicles;
plates=Hot Rolled plates; I. Coal= Industrial Coal; I. Sand=Industrial Sand;
I. Salt=Industrial Salt; LAB=Linear Alkyl Benzene; IOL= Iron ore lumps;
LPG=Liquefied Petroleum Gas; MGO=Marine Gas Oil;
MOP= Muriate Of Potash; MEG= Mono Ethylene Glycol;
. coke= Metallurgical coke; MS= Motor Spirit; N. Fertilizer=Nitrogen Fertilizer;
N C Coal=Non Coking Coal; NPK= Nitrogen phosphorus potassium;
NP= Nitrogen phosphate; P. Acid=Phosphoric Acid; L. Ammonia=Liquid Ammonia;
LSHS= Low Sulphur Heavy Stock; LDO= Locomotive Diesel oil;
=Linear Alkyl Benzene; L. Ammonia=Liquid Ammonia;
LAN= Low Aromatic Naphtha;
PFAD= Palm fatty acid distillate; POL= Petroleum Oil Lubricants;
R Ph= Rock Phosphate;
RP= Rock powder; RBD P. oil= Refined Bleached Deodorized Palm oil;
RPO=Rubberized Processed Oil; RSBO= Refined Soybean Oil; SBM= Soymeal;
SKO= Super Kerosene Oil; SPKFA=Split Palm Kernel Fatty Acid;
S. Acid= Sulphuric acid; S. Coils=Steel coils; S. pipes= Steel pipes;
SPKFA=Split Palm Kernel Fatty Acid; S monomer= Styrene monomer;
T. coal = Thermal coal; TEUs=Twenty foot Equivalent Unit;
UAP= Urea Ammonium Phosphate; VCM=Vinyl Chloride Monomer;
Blades=Wind Mill Blades; Zinc c=Zinc concentrate; Lead c-Lead concentrate.

(sourced Profit.NDTV)

Read more at: http://profit.ndtv.com/news/show/visakhapatnam-port-vessel-movement-oct-31-table-185091?cp

China coal freight rate slumps

Wednesday, 26 Oct 2011

According to industry portal China Coal Resource freight rate for coal vessels from Qinhuangdao to other coastal ports has kept declining for 3 consecutive weeks to approaching the lowest level this year.

CCR database showed that as of October 19 the freight for vessels of 20,000-30,000 DWT from Qinhuangdao to Shanghai port decreased 2.56% from a week ago to CNY 38 per tonne with a sharp dropping of CNY 10 per t or 22.83% since late September. Meanwhile, the freight for vessels of 40,000-50,000 DWT from Qinhuangdao to Guangzhou port was CNY 51 per tonne down 3.77% from one week prior.

It has decreased CNY 9 per tonne or 15% in the past three weeks. The sharp fall is mainly due to reduced vessels from downstream users as dampened by the low coal inventory at Qinhuangdao port and relatively high stock at power plants.

(sourced sxcoal)

Chettinad coal terminal may handle 5 million tonne this year

Thursday, 01 Sep 2011

Chettinad International Coal Terminal the private terminal at the Ennore port, is targeting to handle nearly five million tonnes of coal/coke by current financial year ending March 31, 2012.

According to sources, the buoyancy in handling is in the backdrop of the expected shifting of coal from Chennai port to Ennore from October on the directions of the Madras High Court. Commencing operations in January this year, the terminal has already handled 1 million tonnes of coal. It is possible to handle another 4 to 5 million tonnes by the year end with more number of customers approaching the company to handle coal and coke.

The terminal has so far berthed and discharged 21 vessels including Panamax ships for importers from various industries such as cement, steel, power, coke and coal traders. Some of the customers who have used the terminal so far are Coal and Oil, Kyori, Adani Coal, OPG Power, India Coke, India Cements and Kalyani steel.

The list of customers is getting bigger every month. The facility enables importers to save freight cost as Panamax vessels' freight on per tonne basis is less than smaller vessels for the same origin and destination.

The facility of CICTL has been used by large scale importers; in coming months CICTL is looking forward to berth many more Panamax vessels. For instance, an importer saves USD 4 to USD 5 a tonne on freight by bringing larger vessels to Ennore port, which has a draft of 13.5 meter compared to 12 meter at Chennai port.

(Sourced from Hindu)

Ship carrying 60000 tons of coal sinks off Mumbai

August 5, 2011 |The Statesman/ANN

MUMBAI - A Gujarat-bound cargo ship, carrying 60,000 tons of coal, sank off Mumbai today. The vessel's 30 crew members were rescued before the ship went down, but the accident has sparked fears of environmental pollution.

"The Panama-registered MV Rak has sunk 20 nautical miles off the Mumbai coast due to water in the cargo hull. We suspect that there were holes in the ship which led to water seeping in," inspector general of the Coast Guard, Mr SPS Basra, said. The sinking of the 225-metre-long vessel, which in addition to coal was carrying around 290 tons of fuel oil and 50 tons of diesel, has raised fears of an oil spill.

The Directorate General of Shipping (DGS) said it received information from the Mumbai port authorities at 8:00 am, that the vessel had been "adrift" since the early hours of today at the entrance of the Mumbai harbour. The ship, which was on its way from Tutung in Indonesia to Dahej in Gujarat, was built in 1984 and had a crew on board of Indonesian, Jordanian and Romanian citizens, the DGS said in a statement.

All of the relevant agencies were pressed into service after the call was received, and private merchant ships also helped, the DGS said. Eighteen of the crew members were rescued by an Indian Navy helicopter, and the rest were evacuated onto a private merchant ship.

As the ship was located at the entrance of the Mumbai Harbour, one of the busiest in the country, the Mumbai Port and the National Hydrographic Office have been advised to issue a navigational warning so that the mariners are aware in advance of the danger, the DGS statement said.

An emergency towing vessel (ETV), hired by the Shipping Corporation of India for the monsoon season due to its ability to navigate rough seas, was also requistioned and efforts were made to salvage the sinking ship, the DGS said.

The sinking of the vessel comes within five days of the oil tanker M T Pavit drifting from West Asia and running aground near the Juhu Beach. The tanker went unnoticed by all three tiers of coastal security, the Navy, Coast Guard, and Mumbai Police. A much bigger cargo ship, MV Wisdom, beached near Juhu in June.

MV Rak is owned by M/s Delta Shipping Marine Services in Qatar and is classified with the Lloyd's Register of Shipping, the DGS statement said.

The statement, which was updated at 1.30 p.m. when three-quarters of the ship was already submerged, said no pollution has so far been reported from the site. The Coast Guard's oil pollution response vessel, Samudra Prahari, is located close to the ship keeping a tab on it and attempts are being made to mark the ship with a buoy.

Freight Markets could soften next week due to Japanese Ports closure and Libyan crisis -Vistaar

Mar21, 2011

The BDI was down by 1.98 pct (closing at 1531 points) mainly due to Cape index which was down by almost 11 pct and closed 1687 points.

The panama index was down by only 1.78 pct and closed at 2094 points. The Supramax and Handy size index were holding which was up by almost 3 pct and closed at 1574 points and 755 points respectively.

The Supramax vessels opening Feast/SE Asia region were seen fixed at healthy levels at around 16000 delivery N. China. The effects of 10-12 Japanese ports closure and the Libyan crisis will have an effect on shipping and it appears the markets could soften next week.

The average charter rates was at Cape/US$ 9369 per day , Panamax/US$ 16821 per day , Supramax/US$ 16458 per day and Handy size/US$ 11336 per day.

The Supramax index in the feast (S6 route) continued to be steady and was and was up by 1.28 pct (up by US$ 202 per day) and closed at US$ 15995 per day (last week US$ 15793 per day). The EC India/ China (S7 route) continued to softened and was down by 4.92 pct (down by US$ 825 per day) and closed at US$ 15938 per day (last week US$ 16763 per day). The S6 route is likely to continue to be steady/soft , whereas the S7 is likely to remain soft.

The futures for three years (2011-2013) was at around Cape/US$ 19000 per day, Panamax/US$ 16500 per day, Supramax/US$ 15000 per day , Handy size/US$ 11500 per day.

The congestion in EC Australia almost at same levels at 72 vessels this week (last week 81 vessels). The vessels waiting at main coal loading ports were at Hay point/5, DBCT/18, Gladstone/10, Abbot Point/1l, New Castle/36, Port Kembla/2 vessels. On the WC Australia iron ore vessels waiting reduced to 42 vessels (last week 61 vessels).

The waiting at Indian ports for coal vessels was quite normal.

The crude oil prices continued to be firm and closed at US$ 114.51 per barrel (last week US$ 113.47 per barrel). Bunker prices also firmed up during the week but closed lower US$ 643.00 pmt (last week US$ 638.50 pmt) for IFO 380 cst ex Singapore on 18th March 2011.

Click here for Vistaar’s forecasted (terms & conditions apply) spot freight rates for coal & Iron-ore cargo for specific routes (cs) Reported by Vistaar Shipping, Singapore

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Xstrata declares force majeure at Australia's Ulan coal mine

Tuesday 15 February 2011

PERTH, Feb 15 (Reuters) - Global (news) miner Xstrata (XTAF.EX - news) has declared force majeure at its Ulan thermal coal mine in Australia's New South Wales state due to heavy rains, the company said on Tuesday.

"We have declared FM on certain customer vessels for the Ulan operation, following the interruption to production as a result of significant water underground following recent heavy rains," spokesman James Rickards said in an email.

The company is currently pumping the water out from the underground area, but said it is currently does not have an estimate to speculate at this time as to when production will resume.

(Reporting by Rebekah Kebede; editing by Balazs Koranyi,sourced:Reuters)

Tags:Perth, Xstrata, declared, force majeure, Ulan thermal coal mine, Australia, South Wales state, heavy rains, coal vessel,

SDIC Jingtang port coal handling slips

Feb 12,2011

Coal handled at Jingtang port amounted to 704,600 tonnes in the week from Feb 1 to 7, sources learnt from Qinhuangdao Seaborne Coal Market.

The volume handled was a decrease of 110,000 tonnes or 13.5 percent from a previous week, averaging 100,600 tonnes each day, statistics showed.

Coal transported to the port by railway increased 12,100 tonnes or 1.39 percent from a week before to 949,700 tonnes, averaging 135,600 tonnes per day, according to the coal portal.

Vessels waiting off the port for loading were 104, 56 expected, and an average of 14 vessels was loaded, with 8 expected, it added.

Daily coal stockpiled at Jingtang port averaged 1.58 million tonnes, growing 61,400 tonnes from a week ago.

As of Feb 7, Jingtang port had 1.68 million tonnes coal in stock.
(sourced:en.sxcoal.com)

Global freight rates poised to rise after tumbling to a 2 year low

Monday, 07 Feb 2011
Bloomberg reported that freight rates are poised to rise after tumbling to a two year low as owners of ships hauling coal and iron ore scrap the most vessels in at least 28 years.
According to Clarkson Plc, a total of 38 Capesize, will be demolished in 2011.
Charter costs should average USD 22,000 in 2011, almost four times today’s rate of USD 5,724.

Mr Philippe van den Abeele MD of Castalia Fund Management (UK) Limited said that "From where we are now I don't see much downside. People are depressed, they think it’s the end of the world in dry cargo shipping, but they’re pushing it too far."
A Bloomberg survey of eight fund managers and analysts last month showed that owners of older vessels may sell them for scrap because earnings from single voyage charters were slashed by a four week, 71% slump in rates. The most demolitions since Clarkson's records begin in 1983 may help reduce a glut as an estimated 200 new Capesize, spanning about 35 miles laid end to end, leave shipyards this year.

Mr Van den Abeele's forecast for this year's average rate is at least 22% higher than any of the quarterly forward freight agreements being traded for 2011. The accords, traded by brokers, allow investors to hedge or bet on the future cost of shipping.
According to the Baltic Exchange, companies ordered too many ships in 2007 and 2008, when daily income averaged about USD 111,000. Rates reached a record USD 233,988 in June 2008 before plunging 99% over the next six months to USD 2,316.
Korea Line Corporation, South Korea's second largest operator of dry bulk ships, filed for receivership last month after reporting losses in six of the past seven quarters. The 12 member Bloomberg Dry Ships Index fell 4.5% this year, extending an 8% drop in 2010, with the biggest declines for Genco Shipping & Trading Limited and Eagle Bulk Shipping Inc.

Mr Nigel Prentis director of research and consulting at HSBC Shipping Services Limited in London said that owners of capsizes valued at USD 60 million are paying about USD 25,000 a day in costs to cover expenses such as crew and financing. Single voyage rates have been below that level since December 20th 2010.
The Baltic Exchange reported its first ever negative rate for dry bulk freight on January 13th 2011. Costs on the C11 route for shipments to Europe from Asia are now at minus USD 2,227 a day. While that means owners pay customers to hire their vessels, clients still pay most of the fuel costs. For a shipping line wanting to relocate a vessel to a region where there are more cargoes, that’s still cheaper than sailing the craft empty.(sourced:bloomberg.net)