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