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Wednesday, 17 August 11
SHIP OWNERS COULD FACE PAIN ON THE BACK OF GLOOMY ECONOMYS PREDICTIONS - HELLENIC SHIPPING
 The latest market turmoil, coupled with the renewed risk of a global recession could very well signal more troubled times for ship owners of all ship types. After all, owners, especially tanker ones, are already struggling amid extremely weak rates, abundant tonnage supply and prospects of more new tankers entering the fleet in the next few years. Similar conditions were faced by owners in 2009, yet back then the balance sheets were much healthier following years of prosperity in the industry between 2004 and 2008.
In its latest weekly report, London-based shipbroker notes some striking similarities between today’s crisis and the one of 2008. It says that “the whole world was taken aback when Standard & Poor’s downgraded the US’s credit rating from AAA by one level to AA+. The downgrade took place after a week of rapidly falling equity markets internationally and a perilous escalation of the debt crisis in Europe.
As a result, the equity markets this week also have been very volatile. Shipping stocks have not been immune to turmoil, with many publicly traded companies seeing double digit losses. A similar picture was observed in many commodities markets, with Brent front month futures falling to a low of $102.57/bbl earlier this week, from a recent peak of $126.65/bbl in mid-April. The latest developments create a sense of déjà vu, with what economies around the globe went through at the outset of the recession in the second half of 2008. Back then, equity markets also witnessed a rapid decline. Likewise, oil and many other commodities plummeted. Of course, the crisis now is not exactly the same as the economic meltdown back in late 2008. However, the striking similarities are alarming and intensify the fears of a double-dip recession.
Indeed, we are already noting signs of slowdown both in the global economy and in world oil demand. Many advanced economies are revising down their growth expectations on the back of sluggish economic activity in recent months. In terms of oil, the International Energy Agency provided initial estimates of net zero growth in global oil demand in June.
Furthermore, it warned that current economic climate poses a major threat to future demand growth. The agency estimated that a 1.4% reduction in world GDP figures this year and next will cut the expansion in global oil consumption by 0.3 million b/d in 2011 and by 1.3 million b/d in 2012” noted Gibson.
Still, it offers a note of optimism, commenting that “however it is still too early to forecast the doom and gloom seen back in late 2008 and throughout 2009 to be relived this time around. Nonetheless, the world appears to be a different place now than it was two weeks ago, with the latest developments clearly posing a colossal new threat not only to global economy at large but also to the tanker industry” concluded Gibson.
Meanwhile, in its analysis of the past week for the tanker markets, Gibson mentioned that “Chinese refineries undergoing maintenance, a midweek holiday in Singapore and a softer bunker price was always going to continue to provide impetus to Charterers to exert pressure on what is already a very weak VLCC market. And this will probably be unrelenting as we veer towards the end of the August programme with East continuing at around WS 45 and West at WS 35. Suezmaxes have gradually thinned out, but without sufficient enquiry to help support them, rates will continue to march sideways at around WS 77.5 East and WS 57.5 West. An exceedingly quiet week on the Aframaxes leads them to being relatively untested by their usual standards, but the continued weakness in the Far East will allow 80 x WS 110 East to be the prevailing benchmark set by Charterers for Arabian Gulf to Singapore.
Suezmax enquiry in West Africa remains at a drip feed basis as it continues to test Owners' mettle. Voyages to the Atlantic are now being achieved at 130 x WS 62.5 with voyages to the continent commanding around 5 points higher with the status quo persisting into next week. The VLCC market remains relatively unchanged rate wise since last week as Eastern destinations are operating a shade below 260,000 x WS 44, with West at WS 47.5 with moderate forward enquiry unlikely to provide few surprises on the horizon.
Aframaxes began the week as the previous ended, with activity continuing. The critical mass seemed to have been achieved as rates crept up 2.5 points for all areas with WS 90 for Ceyhan loads and reports of WS 92.5 for Black Sea loads being achieved. However, as the cargos began to dry up a little in the Mediterranean and fixing dates began to drift further away, rate increases hit a wall and look to be stable now. However, as the new bunker price filters through to Owners' calculations we may see erosion once more. Suezmax enquiry emanating from the Black Sea is just enough to keep rates at around 135 x WS 70, but a mild discount can possibly be on the cards next week if the same mood and inactivity persists” said Gibson.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 26 August 11
INTRACO EYES US$200 MIO COAL TAKEOVER - INSIDER STORIES
Heavy equipment distributor PT Intraco Penta Tbk, that was founded by Halex Halim, is scouting a coal acquisition with the valuation above US$200 mi ...
Thursday, 25 August 11
OPG EXPECTS COAL PRICES TO REMAIN FIRM IN THE SHORT TERM
COALspot.com - Revenue of OPG, the developer and operator of Group Captive power plants in India up 188% to £33.15m and Income from continuing ...
Thursday, 25 August 11
PAITON POWER LOOKING FOR 3.96 MILLION TONS OF COAL
COALspot.com - PT Pembangkit Jawa Bali (PJB) is looking for 3.96 million tons coal with calorific value 4,800 kcal/kg on as received basis. Accordin ...
Tuesday, 23 August 11
ICMA CALLS GOVERNMENT TO REVIEW EXPORT BAN REGULATION
COALspot.com - Chairman of the Indonesian Coal Mining Association (ICMA) Bob Kamandanu asks the government to review the regulation that being draft ...
Tuesday, 23 August 11
ADARO ENERGY ACQUIRES 75% STAKE OF PT MUSTIKA INDAH PERMAI FOR US$ 222.5 MILLION
COALspot.com - PT Alam Tri Abadi, a wholly owned subsidiary of PT Adaro Energy Tbk, signed a share purchase agreement to acquire a 75% stake of PT M ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
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