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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, 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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- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Posco Energy - South Korea
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- The University of Queensland
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
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