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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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- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
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