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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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Thursday, 14 July 11
INDO GOVT. SETS JULY COAL REFERENCE PRICE AT US$ 118.24 PER TON
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia sets coal spot price benchmark for July 2011 at US$ 118.24 per ton, US$ 0 ...
Thursday, 14 July 11
DRY BULK MARKET KEEPS FALLING ON WEAK CAPESIZE SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on retreating on Wednesday, with the Baltic Dry Index (BDI) falling to 1,383 points, from 1,411 of the previous day. Capesi ...
Thursday, 14 July 11
UNITED TRACTORS BUYS DUTA SEJAHTERA - INSIDER STORIES
Insider Stories reported that, PT United Tractors Tbk (UNTR), via a wholly-owned subsidiary PT Tuah Turangga Agung, will acquire PT Duta Sejahtera a ...
Wednesday, 13 July 11
ANOTHER FIRMER WEEK FOR THE CAPES - BRS
Barry Rogliano Salles reported that, there were mixed results for the dry bulk market this week: the Capesize and Panamax markets performed well gai ...
Tuesday, 12 July 11
INDONESIAN MINERS PLAN $70M INVESTMENT TO UPGRADE QUALITY OF COAL - THE JAKARTA GLOBE
One of the leading english language news paper in indonesia, the Jakarta globe reported that, as the government implements a ban on the export of po ...
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- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
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