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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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Sunday, 14 August 11
SUPRAMAX CHARTER RATES SHARPLY UP - CAPT.REDDY
COALspot.com - The BDI ended positive with gains in Cape and Panamax index. The BDI was up by 1.50 pct and the cape and panamax index was up by almo ...
Saturday, 13 August 11
GMR HAS ENTERED INTO CSPA WITH GEMS TO ACQUIRE 30% STAKE
COALspot.com - GMR Infrastructure Investments (Singapore) Pte Ltd, a subsidiary of GMR Infrastructure, has signed conditional sale and purchase agre ...
Friday, 12 August 11
COAL MINERS WILL ALLOW TO CONSTRUCT MINE MOUTH POWER PLANT
COALspot.com - The government is set to draft a regulation to enable construction of steam-fired power plants (PLTU) by coal mining companies for th ...
Friday, 12 August 11
CAPESIZE DEMAND HELPS LIFTING OF DRY BULK MARKET - HELLENIC SHIPPING NEWS
The dry bulk market has recovered a small fraction of its lost ground this week, with higher returns as a result of increased capesize demand. This ...
Thursday, 11 August 11
INDO TAMBANGRAYA 1H NET PROFIT SOARS 53.09%
Coal miner PT Indo Tambangraya Megah Tbk (ITMG) today reported a 53.09% jump in net profit for the first 6 months of this year on the back of higher ...
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- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
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