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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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Friday, 20 April 12
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A rebound of demand for smaller dry bulk carriers has led the industry’s benchmark, the BDI (Baltic Dry Index) above the 1,000-point mark for ...
Friday, 20 April 12
BUMA HAS PRODUCED 2.6 MILLION TONS OF COAL IN MARCH 2012
COALspot.com - BUMA has removed 28.0 million bcm (+6.4% YoY) of overburden in March 2012 while coal production was at 2.6 million tons (+1.3% YoY).
...
Thursday, 19 April 12
FRESH COAL SALES FROM JATENERGYS JONGKANG MINES
COALspot.com - Energy company Jatenergy Ltd (ASX code JAT) announced today that it had signed a contract for an 11,000 tonne coal sale due for shipm ...
Thursday, 19 April 12
HANDY - 'POSITIVE TREND', PANAMAX - 'A FIRMER TENDENCY', CAPESIZE - 'AGAIN NEGATIVE'
Handy
The positive trend from last week continued, with more cargoes entering the market. Skaw/Passero del fixed tick above USD 4000 for US Gulf di ...
Wednesday, 18 April 12
INDONESIA TO INTRODUCE EXPORT DUTY ON MINERAL ORES BY 6 MAY 2012
The Indonesian government is scheduled to issue regulation on export duty for minerals before May 6, 2012.
According to Bisnis Indonesia, as quot ...
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- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Cement Manufacturers Association - India
- Economic Council, Georgia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
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