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Friday, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend has remained the same, the return of Chinese charterers from their three-day holidays marked a stronger demand for Capesizes yesterday, which in turn was enough to offset the lack of interest for smaller vessels and lead the market to higher ground. The Baltic Dry Index (BDI) was up by 0..22% to 928 points yesterday, with Capesizes gaining 2.17% on the day and reaching 1,507 points. By contrast, the demise of the Supramax market was again evident, with the relative index losing 1.66%, while Panamaxes were also down by 0.67%.
Detailing the oversupply issues which have caused the dry bulk market to retreat to such low levels since the start of the year, Intermodal’s Theodore Ntalakos said that “the freight market and other circumstances were quite convenient for many shipowners who while acting independently and rationally consulting their own self-interest, ordered new buildings even when it was clear that in the long-term the excessive tonnage would eventually suffocate the freight market. It is a real-life example of game theory that shows why two or more individuals might not cooperate, even if it is in their best interest to do so” said Mr. Ntalakos.
He went on to give an example to make his case. “Say we have one shipowner ( Shipowner A) and all the rest shipowners (Shipowner B). Each of their strategy is either to expand by ordering the new fuel efficient vessels or not to order and buy a vessel from the second hand market. We have four possible scenarios:
I. If Shipowner A orders and no one else does then he will get the benefit of new designs, and earn say $10, B stays behind and earns $1
II. If both A and B order then they lose the advantage and they earn very little - $2,
III. If no one orders then they earn moderately from their existing fleet - $5 each, and
IV. If shipowner A does not order but 'B' orders then 'A' will earn very little because the charterers will prefer B's ECO ships – A earns $1, B earns $10.
Here, regardless of what the other decides, each shipowner gets a higher pay-off by ordering new vessels:
I. If B does not order, the payoffs for A are $5 or $10 so he will always chose $10 i.e to order.
II. If B orders, the payoffs for A are $1 or $2 so he will always chose $2 i.e to order
The game is symmetric so Shipower B would always act the same way which means that both shipowers would order new vessels. Since both rational owners decide to order new vessels each receives a lower reward than if both were not to order!! So, rational decision-making results being worse off than if each chose not to order and accept to earn less. As the two shipowners can’t see what the others are doing and cannot play a cooperative game, they will decide to maximize their pay-off and always proceed with orders” said Mr. Ntalakos in a rather interesting undertaking.
He concluded his analysis by stating “we need however to point out that the new ECO ships especially with the current restrain on finance, will only be a small part of the total fleet and orderbook and it will take years to play a substantial part and drive the older vessels out of the market, so we expect owners who order such vessels with today's new builiding and bunker prices to have the competitive advantage for the years to come.
So, there you have it, Shipping is a non-cooperative game. Then why do pools exist? Even in pools if each member's interest to put the next (and succeeding) vessel he acquires into the pool and the demand is limited then the quality of the common is damaged for everybody. So like everything else in life one needs to find the proper equilibrium between cooperating and looking after one's self-interest” he said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 01 May 12
VIETNAM FEARS IT MAY NOT SEEK COAL SUPPLIES - TBKTSG / VIETNAMNET BRIDGE
TBKTSG / VietNamNet Bridge reported that, with five coal-run thermopower plants under construction, PetroVietnam alone would need 18 million tons of ...
Sunday, 29 April 12
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The BDI continued to go up with the support of Panamax/Supramax and was up by 8.34 pct closing at 1,156 points.
The cape index was ...
Sunday, 29 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS FOR MAY 2012 DELIVERY WAS STABLE THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps for May deliveries stable this week, according to DSP of SGX AsiaClear OTC Coal Swaps. In the me ...
Friday, 27 April 12
BUKIT ASAMS NET INCOME UP 14% IN 1Q 2012 (UNAUDITED)
Press Release - PT Bukit Asam (Persero) Tbk, announced the Consolidated Financial Statements and Subsidiaries per 31 March 2012 (Unaudited).
Reve ...
Thursday, 26 April 12
AUSTRALIAS COKAL EXPANDS MET COAL POTENTIAL INTO WEST KALIMANTAN
COALspot.com - Global metallurgical coal group Cokal Limited (Cokal) (ASX:CKA) announced today it has completed the acquisition of 75.2% of PT Silan ...
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- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
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