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