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