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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, 26 July 11
UT'S SALES COULD REACH TO 8000 UNITS BY THE END OF 2011
COALspot.com - Sales of Komatsu heavy equipment in the domestic market in the first half of 2011 rose 59 percent to 4333 units compared to the same ...
Monday, 25 July 11
INDONESIA STATE ELECTRICITY COMPANY HAS BURNED 19 MMT OF COAL FOR FIRST HALF OF 2011
COALspot.com - Indonesia's State Electricity Company and other IPPs have burned 19 million tons of coal for first half of this year said,Pamudji Nu ...
Monday, 25 July 11
AKR CORPORINDO TO PRODUCE 0.3 MMT OF COAL BY DECEMBER
COALspot.com - PT AKR Corporindo (AKRA) began producing coal from its mine in Muara Teweh, Central Kalimantan. The company is targeting to pro ...
Sunday, 24 July 11
AN INDIAN PORT SETS A WORLD RECORD FOR CONVENTIONAL COAL DISCHARGE
COALspot.com - Krishnapatnam Port has set a World record for discharging 106,171 tons of steam coal in just 24 hrs using the conventional unloading sy ...
Saturday, 23 July 11
FAR EAST /SE ASIA ROUTE GAINED US$ 3000 HIGHER THAN LAST WEEK - VISTAAR
COALspot.com - The BDI further softened to by 2.22 pct and closed at 1323 points. The Cape and Panamax index also softened and closed at 1841 points ...
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- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- The University of Queensland
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Economic Council, Georgia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
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