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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, 05 August 11
THE WORLDS LARGEST COAL MINER TO INVEST IN INDO MINES
COALspot.com - Golden Energy Mines (GEMS) might go for initial public offering (IPO) by the end of September 2011. The company is planning to off lo ...
Friday, 05 August 11
DRY BULK MARKET FINALLY TAKES A BREATHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market at last caught a break mid-week after a constant fall which saw the industry’s benchmark, the BDI (Baltic Dry Index) falli ...
Thursday, 04 August 11
THE HBA CONTINUES TO FALL IN AUGUST
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the August 2011 coal reference price at US$ 117.21 per ton slightly low ...
Wednesday, 03 August 11
DEWA RETURNS TO US$2.65 MIO NET PROFIT - INSIDER STORIES
Coal mining contractor PT Darma Henwa Tbk (DEWA), that most of its revenue is contributed by Kaltim Prima Coal and Arutmin Indonesia, returned to ne ...
Wednesday, 03 August 11
DRY BULK MARKET SINKS TO THREE-MONTH LOWS, BUT CAPESIZES COULD TURN THINGS AROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on falling this week, on the back of slow cargo demand amid the summer season. Yesterday, the BDI (Baltic Dry Index), the i ...
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- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
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