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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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Wednesday, 18 April 12
INDONESIA TO INTRODUCE EXPORT DUTY ON MINERAL ORES BY 6 MAY 2012
The Indonesian government is scheduled to issue regulation on export duty for minerals before May 6, 2012.
According to Bisnis Indonesia, as quot ...
Sunday, 15 April 12
THE SPOT FIXTURE RATES FOR SUPRAMAX IN SE ASIA SAW SOME SOFTENING OF CHARTER RATES - VISTAAR
COALspot.com - The market seem to be holding and except for Supramax and handy size index all other index was up with BDI up by 4.74 pct closing at ...
Friday, 13 April 12
MINERS OPPOSE GOVTS EXPORT TAX PLAN - THE JAKARTA POST
The Jakarta Post reported that, Indonesian mining companies have strongly protested the government’s plan to impose a 25 percent export tax on ...
Friday, 13 April 12
S&P CAUTIONS AGAINST NEW INDONESIAN MINING REGULATIONS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Investors may have expressed concerns about looming new mining regulations, but ratings agency Standard & Poor& ...
Thursday, 12 April 12
FIRST QUARTER OF 2012 SAW AN ADDITIONAL 24.2 MILLION DWT OF DRY BULK CARRIERS ENTERING THE FLEET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The inflow of newbuilt dry bulk vessels was larger than expected in the first quarter of 2012. As much as 24.2 million DWT were added to the fleet. ...
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Showing 4766 to 4770 news of total 6871 |
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- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
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