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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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Sunday, 15 April 12
THE SPOT FIXTURE RATES FOR SUPRAMAX IN SE ASIA SAW SOME SOFTENING OF CHARTER RATES - VISTAAR
COALspot.com - The market seem to be holding and except for Supramax and handy size index all other index was up with BDI up by 4.74 pct closing at ...
Friday, 13 April 12
MINERS OPPOSE GOVTS EXPORT TAX PLAN - THE JAKARTA POST
The Jakarta Post reported that, Indonesian mining companies have strongly protested the government’s plan to impose a 25 percent export tax on ...
Friday, 13 April 12
S&P CAUTIONS AGAINST NEW INDONESIAN MINING REGULATIONS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Investors may have expressed concerns about looming new mining regulations, but ratings agency Standard & Poor& ...
Thursday, 12 April 12
FIRST QUARTER OF 2012 SAW AN ADDITIONAL 24.2 MILLION DWT OF DRY BULK CARRIERS ENTERING THE FLEET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The inflow of newbuilt dry bulk vessels was larger than expected in the first quarter of 2012. As much as 24.2 million DWT were added to the fleet. ...
Wednesday, 11 April 12
TWO PERCENT OF IBP CONCESSION CONTAINS 42 MMT OF COAL
COALspot.com - 42.35 million ton of coal found in just 2% of PT Insani Bara Perkasa’s total concession area of 24,477 hectare.
Accord ...
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- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Australian Coal Association
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
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