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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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Tuesday, 02 August 11
INDONESIA BECOMES SECOND LARGEST COKING COAL EXPORTER
COALspot.com - Indonesia, the largest thermal coal exporter in the world now becomes second biggest coking coal exporter to Japan. Indonesian’ ...
Tuesday, 02 August 11
5TH ASIA PACIFIC COAL TRADING & INVESTMENT OUTLOOK TO PRESENT LATEST TRENDS
Press Release - Global commodities prices have been staying high since the beginning of 2011, resulting in the “TENSION” in various coun ...
Tuesday, 02 August 11
REALM RESOURCES TO ACQUIRE A 75% INTEREST IN THE KATINGAN RIA COAL PROJECT
COALspot.com - Scoping study at the Katingan Ria Coal Project, Central Kalimantan demonstrates positive technical and financial potential for the pr ...
Tuesday, 02 August 11
COAL INDIA TO INVEST IN GOLDEN ENERGY MINES
COALspot.com - Golden Energy Mines, part of PT Dian Swastatika Sentosa Tbk’s, is still negotiating with several strategic investors to o ...
Sunday, 31 July 11
CAPES ARE TRADING BELOW $ 9500 PER DAY - VISTAAR
COALspot.com - The BDI further softened by 4.46 pct and closed at 1264 points which touched below 1300 points after long time. The Cape and Panamax ...
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- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- White Energy Company Limited
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Australian Coal Association
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
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