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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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Thursday, 11 April 13
TNEB HAS OPENED 4.2 MILLION TONS IMPORTED COAL TENDER
COALspot.com - TANGEDCO, the state run utility TANGEDCO (formerly known as TNEB), Tamil Nadu state owned electricity company has opened bids to purc ...
Wednesday, 10 April 13
US COAL CONSUMPTION TO INCREASE FROM 889 MMST IN 2012 TO 948 MMST IN 2013 AND 957 MMST IN 2014 - EIA
Based on estimates for the first quarter of 2013, American coal production has continued to decline.
Total production is down 9.9 million short t ...
Wednesday, 10 April 13
DRY BULK FREIGHT RATES SEEN MOSTLY STABLE IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
In its latest report, BIMCO forecast that for the coming six weeks, Capesize time charter average rates will remain subdued around $4,500-8,500 per ...
Monday, 08 April 13
SUB-BIT INDONESIA COAL SWAPS: UPWARD TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 2.71 percent and CFR South China coal shipment&nbs ...
Sunday, 07 April 13
CHARTER RATES ARE UNDER PRESSURE DUE TO DECLINING DEMAND - VISTAAR
COALspot.com - The freight market continued to fall further with all the indices down.
The BDI was down by 5.38 pct closing at 861 points and the ...
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- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
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- Holcim Trading Pte Ltd - Singapore
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- Rashtriya Ispat Nigam Limited - India
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- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
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- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
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- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
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- India Bulls Power Limited - India
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- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
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- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
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- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
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- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
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- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
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- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
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- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
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