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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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Friday, 19 April 13
FIRST QUARTER OF 2013 PROVEN A POSITIVE SURPRISE FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite ominous predictions regarding the negative performance of the dry bulk market during the – traditionally weak anyway – first qua ...
Thursday, 18 April 13
HANDY: STABLE ; PANAMAX: BUSY WEEK - FEARNRESEARCH
Handy
The Atlantic markets remain stable in this week. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 12k. The Pacific market is bit f ...
Thursday, 18 April 13
FEATURE: PREDICTING THE FUTURE - AND THE PAST - BIMCO
It’s not predicting the future that is problematical, it’s the realisation that you have to relive the past again and again when you fai ...
Wednesday, 17 April 13
INDONESIA SHIPPED 80 MILLION TONS OF COAL IN FIRST QUARTER - COAL DIRECTOR
COALspot.com - Indonesia has exported around 80 million tons of coal including power plant coal in first three months of this year.
Speaking on t ...
Tuesday, 16 April 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS JUMPED 20.87 PER CENT ON WEEK TO 3.07 MMT
COALspot.com - Newcastle port in Australia has loaded 3,077,431 tons of thermal and coking coal for week ended 0700 hours 15 April 2013, Newca ...
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- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- The University of Queensland
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Australian Coal Association
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
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