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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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Wednesday, 17 August 11
TAVESCO KILLARA ENERGY TO ACQUIRE COAL CONCESSIONS IN EAST KALIMANTAN
COALspot.com - Killara Resources Limited, an Australian listed company has formed PT Tavesco Killara Energy (TKE), a joint company with PT Tavesco I ...
Wednesday, 17 August 11
BUMI'S H1 UNDERLYING OPERATING PROFIT $62 MILLION
COALspot.com - Bumi PLC , posted underlying first-half operating profit of $62 million and production at PT Bumi Resources and PT Berau increased to ...
Tuesday, 16 August 11
CHALLENGER ENTERED INTO CSPA WITH PELANGI KERTANEGARA TO ACQUIRE 100% STAKE
COALspot.com - Challenger Deep Resources Corp., through its wholly owned subsidiary, P.T. Bestindo Energy, has exercised its option to purchase an a ...
Monday, 15 August 11
ADARO ENERGYS NET INCOME MORE THAN DOUBLES IN FIRST HALF 2011
COALspot.com - Indonesian’s second largest coal producer, Adaro Energy, booked net profit US$ 268 million in the first half 2011, rose two-fol ...
Monday, 15 August 11
INDIAS MALABAR CEMENTS SEEK TO IMPORT 40,000 TONS OF COAL
COALspot.com - Malabar Cements Ltd., India's Keralaa government owned cement factory is seeking to import 40K metric tons of non-coking coal throug ...
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- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Central Electricity Authority - India
- VISA Power Limited - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- GMR Energy Limited - India
- MS Steel International - UAE
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