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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, 10 August 11
KILLARA RESOURCES TO ACQUIRE SIX COAL CONCESSIONS OF TASON HOLDINGS
COALspot.com - Killara Resources Limited, an Australian listed company has formed PT Tavesco Killara Energy (TKE), a joint company with PT Tavesco I ...
Wednesday, 10 August 11
RESOURCE NATIONALISM IS MAIN BUSINESS RISK FOR MINING SECTORS, E&Y SURVEY
Resource nationalism is top of the business risk list for mining and metals companies around the world, while supply capacity constraint issues cont ...
Wednesday, 10 August 11
INDONESIAN COAL MINING ASSOCIATION OPPOSES LOW-GRADE COAL EXPORT BAN
COALspot.com - The Indonesian Coal Mining Association (ICMA) frowns on and challenges the government plan to ban the low-grade coal export inf ...
Wednesday, 10 August 11
ABM INVESTAMA TO OFFLOAD 20% IPO
Integrated coal mining PT ABM Investama, affiliated company of Tiara Marga Trakindo Group, aims to dispose 20% stake during an initial public offeri ...
Tuesday, 09 August 11
INDONESIAS COAL PRODUCTION GREW BY 19.4% LAST YEAR - BP
COALspot.com - Indonesia’s coal production grew by 19.4% last year to 305.879 million tonnes from 256.181 million tonnes in 2009, the fastest ...
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- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
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