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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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Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
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- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
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