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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
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
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- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Star Paper Mills Limited - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Parliament of New Zealand
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
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