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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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Showing 4766 to 4770 news of total 6871 |
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- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- The University of Queensland
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Parliament of New Zealand
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
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