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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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Thursday, 29 March 12
DRY BULK EDGED FURTHER UP, ON HEALTHY DEMAND FOR MOST SHIP TYPES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With capesize vessels finally reappearing in demand, the dry bulk market had an easier task of rising yesterday, as the BDI (Baltic Dry Index) reach ...
Thursday, 29 March 12
ADARO FY11 NET INCOME JUMPS 124% - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk (ADRO) today announced a 124% jump in net income to US$552 million last year or US$0.017 a share. ...
Wednesday, 28 March 12
CUESTA HAS RECEIVED APPLICATIONS AND FIRM BIDS IN EXCESS OF $9 MILLION FOR THE COMPANYS IPO
COALspot.com - The Directors of Cuesta Coal Limited (ASX:CQC) have announced that today it has received applications and firm bids in excess of $9 m ...
Wednesday, 28 March 12
ORPHEUS ENERGY TO COMMENCE JORC DRILLING AT ADK PROJECT
COALspot.com - Indonesian coal explorer and producer, Orpheus Energy (ASX:OEG), have today announced that the company is about to commence a drillin ...
Tuesday, 27 March 12
DRY BULK MARKET KEEP RISING FOLLOWING THE SAME TREND OF LAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum this week, on the same reasons of those last week. That is, the smaller ship types are still on the ris ...
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- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Australian Coal Association
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- The University of Queensland
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Central Java Power - Indonesia
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