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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, 20 July 11
ANTWERP RECEIVES THE CAPESIZE MG COURAGE
The deepening of the Western Scheldt has made the port of Antwerp easily accessible not only to Ultra Large Container Ships of over 10,000 TEU but a ...
Wednesday, 20 July 11
KALIMANTAN GOLD APPOINTS COMMISSIONER TO SUBSIDIARY
Kalimantan Gold Corporation Limited has announced the appointment of Dr. Bambang Setiawan as Commissioner (a senior advisor) to the Board of PT Kali ...
Wednesday, 20 July 11
CHALLENGER GETS TABANG PROJECT IUP PERMIT
COALspot.com - Challenger Deep Resources Corporation has been getting exploration permit or Izin Usaha Pertambangan (IUP) for its Tabang coal in Eas ...
Wednesday, 20 July 11
TCM COAL PROJECT IN SOUTH KALIMANTAN MOVES TO FINAL FEASIBILITY STUDY
COALspot.com - Pan Asia Corporation Ltd has executed a formal agreement with an underground mining group KOPEX to undertake a final feasibilit ...
Wednesday, 20 July 11
DRY BULK MARKET KEEPS ON FALLING ON SOFTENING CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated to lower ground on Tuesday, as the industry’s benchmark, the BDI (Baltic Dry Index) fell to 1,330 points, down b ...
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- Planning Commission, India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- The University of Queensland
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
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