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Thursday, 19 April 12
WILLIS MARINE MARKET REVIEW FORECASTS ANOTHER DIFFICULT YEAR - WILLIS GLOBAL MARINE / HELLENIC SHIPPING
 After an inauspicious start, 2012 could well be "another difficult and uncertain year for the maritime industry faced with the aftermath of the Costa Concordia, further problems in the euro zone, pirate attacks and increased sanctions," according to Willis Global Marine, part of Willis Group Holdings.The latest Willis Marine Market Review reveals that the” hull market is in a state of flux following the Costa Concordia disaster in January. Some underwriters in the London insurance market, which will bear the majority of the estimated $500 million hull claim, are adamantly refusing premium reductions or even flat renewals. However, unaffected underwriters in the Far East and Scandinavia are more open to negotiations.
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“Marine liability underwriters meanwhile are hoping the disaster drives through a general hardening of rates, with many seeking 5 percent increases going forward. ”
However, as far as cargo insurance is concerned, the report notes that “buyers continue to enjoy the benefits of a soft market, achieving reductions in both premium and deductibles, as well as increases in limits, at little or no additional cost. Despite ever-dwindling returns to insurers, competition for business remains fierce with a flurry of new entrants creating excess capacity.”
Piracy remains a major concern, as cargo underwriters continue to be affected by what Willis said “continues to blight the shipping industry with no clear resolution in sight.” This is despite the fact that “security measures taken by ship-owners are increasingly effective with less than 20 percent of attacks successful in 2011.” However, the report notes, “this has only served to increase the demands and expectations of those attacks that do occur with total ransoms increasing 77 percent from 2010.”
Alistair Rivers, CEO of Willis Global Marine, commented: “For many marine insurers the year began badly with the loss of the Costa Concordia cruise liner. It was a timely reminder that 100 years on from the loss of the Titanic, disasters on this scale are still possible despite all the industrial and technological advancements. But while this loss may have stiffened the hull market, the long term impact is questionable. The P&I and Liability aspects of this loss will be of far greater significance to insurers as matters evolve throughout the year.
“However, a truly hard market is a mirage as long as capital providers are prepared to tolerate marginal returns from their hull and machinery book. These are difficult times for the maritime industry: world shipping is in recession; the economic turmoil continues to dampen demand; pirates are seizing property and crew; and increased sanctions demand further resources and attention. But maritime trade has seen and overcome similar challenges in the past and the entrepreneurial spirit that drives the industry remains intact.”
The Marine Review describes this years’ February P&I renewals as “disproportionately confrontational and protracted as ship-owners operating in one of the worst economic environments for a generation contested even inflationary increases from Clubs. On average, rate increases of 4 percent were achieved.
“Excess capacity in the Asian marine insurance market is putting pressure on rates as local and foreign insurers compete for market share. Asia is now home to around half of the world’s merchant fleet, 14 of the top 20 ports and three of the largest ship building nations.
“In the commodity insurance market, underwriters are responding to commodity price volatility by tightening clauses and scrutinizing policy wordings with prices edging up for technically unsound risks.
“Rates continue to slide in the Super Yacht insurance market due to a combination of modest loss ratios, underperformance in the hull market and increased capacity. The economic problems in the euro zone have also caused some Super Yacht owners, particularly in the US, to scrutinize the stability of European insurance markets.”
Source: Willis Global Marine / Hellenic Shipping
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Tuesday, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
Monday, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
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- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Trasteel International SA, Italy
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