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Wednesday, 27 March 13
SHIPPING CONFIDENCE REACHES HIGHEST LEVEL FOR TWO YEARS - MOORE STEPHENS
 Overall confidence levels in the shipping industry recovered to their highest level for two years in the three months ended February 2013, according to the latest Shipping Confidence Survey. There was improved expectation of freight rate increases over the next twelve months, particularly in the dry bulk sector, and greater likelihood of new investment in the industry.
In February 2013, the average confidence level expressed by respondents in the markets in which they operate was 5.8 on a scale of 1 (low) to 10 (high), compared to the figure of 5.6 recorded in the previous survey in November 2012. The survey was launched in May 2008 with a confidence rating of 6.8.
All categories of respondent expressed increased confidence over the three-month period. The confidence rating for managers of 6.2 (up from 6.0 last time) was the highest since August 2010, while that for charterers was up from 5.6 to 6.0, the highest since November 2010. Confidence on the part of owners was up from 5.5 to 5.7 (the highest since May 2011) while for brokers the increase was from 5.3 to 5.6, the highest level in the past twelve months. Geographically, although confidence in Asia was down (from 6.0 to 5.6) and in North America (from 6.6 to 6.1) it was up in Europe, from 5.3 to 5.8, its highest level since August 2010.
Shipping partner, Richard Greiner, says, “Another small increase in confidence is very good news. Indeed, two successive quarters of improved confidence is in many ways more encouraging than one sizeable swing. It suggests that confidence is slowly building, indicating the start of a credible recovery.
“It is still early days, but the tone of the comments from respondents this time indicates something of a sea change. Whereas previous surveys have been dominated by concerns over specific issues such as tonnage overcapacity and the economic woes in Europe and elsewhere, this time there were no similar over-arching areas of concern identified by respondents. Indeed, the responses in many cases focused on planning for the future - for example by investing in new, fuel-efficient tonnage, exploiting new opportunities created by companies exiting the market, and exploring the possibilities for LNG as a clean fuel - rather than on compensating for past events.
“Improved confidence was reflected in another increase in the expectation levels involving potential new investments. Now is certainly a good time to invest, particularly for those who can identify a niche opportunity in a specific area, one for which there is growing demand and which is backed by a proper business plan.
“The indications are that the worst of the current shipping cycle could be over. But serious challenges lie ahead. Operating costs are going up, particularly fuel and manpower, and there is the added burden of increasing operational and environmental regulation. The cost of complying with the BWM convention has still not been accurately quantified, but it will not be insignificant. Indeed, one respondent likened it to a “ticking bomb which can go off at any moment, demanding enormous investment from already cash-strapped owners, and the banks will probably not be standing in line to support them.”
“Meanwhile, although freight rates still have a long way to go before they reach the levels seen at the height of the boom, the responses to the survey did reveal greater overall confidence in rate increases over the coming year in all three main tonnage categories. This was most evident in the dry bulk sector, where expectations of better rates were higher than at any time since the survey was launched in 2008. Although there is still a lot of new dry bulk tonnage coming into the market, scrapping levels in this sector have raced ahead, with well over 500 bulk carriers reported to have been consigned to demolition yards in 2012.
“Scrapping levels in all over-tonnaged sectors will need to be maintained, and improved upon, over the next twelve months, if shipping is to have a chance of returning to profitability. It is likely to be a slightly different industry which emerges from this prolonged downturn, one in which the banks will exert greater control for some time to come. Vessel values are likely to remain under pressure this year, and there is a lot of financial restructuring yet to be done. But shipping will retain its entrepreneurial flair, which is in no way undermined by operating from a stronger financial base.”
Source: Moore Stephens
About Moore Stephens
Moore Stephens was founded in London in 1907. Today, the UK network has over 1,500 partners and staff.
The Moore Stephens International association is now one of the leading international accounting and consulting associations outside the Big 4, comprising 630 offices of member and correspondent firms in 98 countries worldwide, involving over 20,000 partners, principals and staff.
The aim of Moore Stephens' member firms is to provide comprehensive modern services to clients globally, through the development and maintenance of a cohesive association that operates to the same high standards of professionalism and value in each country.
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Sunday, 28 April 13
PANAMAX FREIGHT COULD BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - This BDI closed slightly lower at 871 points (down by 1.91 pct) mainly due to drop in the Panamax index by almost 10 pct.
Th ...
Saturday, 27 April 13
HANDY : SLIDING ; PANAMAX : POSITIVE ; CAPESIZE : STILL ON ITS KNEES - FEARNRESEARCH
Handy
The Atlantic markets started sliding with no fresh cargoes seen in the market. The USG-Feast was at USD 18k and Black sea-Feast was at USD 11 ...
Saturday, 27 April 13
2ND CHINA INTERNATIONAL SHALE GAS SUMMIT
Press Release - 2nd China International Shale Gas Summit, 10-13 September 2013 | Chengdu, China
*The largest annual event for the shale gas indus ...
Friday, 26 April 13
LIMA SUMMIT IN JULY TO HIGHLIGHT LATIN AMERICAN MINING POTENTIAL
COALspot.com - Latin American mining industry officials and their private sector counterparts will be gathering in Lima, Peru on July 1-2 for the La ...
Wednesday, 24 April 13
FUTURE US POWER MARKET SHARES OF COAL, NATURAL GAS GENERATORS DEPEND ON RELATIVE FUEL PRICES - EIA
COALspot.com - In recent years, in US, natural gas competed more effectively with coal as a fuel for electricity generation as the cost of operating ...
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- Wood Mackenzie - Singapore
- Deloitte Consulting - India
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- ICICI Bank Limited - India
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- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
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- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
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- London Commodity Brokers - England
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- SMC Global Power, Philippines
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- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
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- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
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- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
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- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
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- Rio Tinto Coal - Australia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
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- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
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- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
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- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
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- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
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- AsiaOL BioFuels Corp., Philippines
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- The State Trading Corporation of India Ltd
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- Interocean Group of Companies - India
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- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
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- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
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- LBH Netherlands Bv - Netherlands
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- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
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- Latin American Coal - Colombia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
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- Dalmia Cement Bharat India
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- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
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- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Australian Coal Association
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- The University of Queensland
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
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- White Energy Company Limited
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- Directorate Of Revenue Intelligence - India
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