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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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Wednesday, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchma ...
Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with ...
Sunday, 08 April 12
CHARTER RATES COULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI was almost at same levels closing slightly lower by 0.64 pct at 928 points.
The Cape index was up by 6.73 pct closing at ...
Friday, 06 April 12
INDONESIAN HBA FALL TO LOWEST LEVEL SINCE JANUARY 2011
COALspot.com - Indonesian HBA fall to lowest level since January 2011 this month. The monthly coal reference price for coal sales in April fal ...
Friday, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
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- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
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