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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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Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
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- Planning Commission, India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- The University of Queensland
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
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