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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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Monday, 25 March 13
BUNKER FUELS ARE ABOUT TO GET CLEANER, BUT AT WHAT COST? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The cost of bunkers is nowadays the driving force behind most ship owners' major decisions, with regulations bound to change in many parts of the w ...
Sunday, 24 March 13
THE SUB-BIT INDONESIA'S COAL SWAPS FOR Q2 DELIVERY PRICE LOST 7.47 PERCENT PMT M-O-M
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 3.39 percent and CFR South China coal shipment 2.65 ...
Sunday, 24 March 13
FREIGHT MARKETS CONTINUED TO FIRM - VISTAAR
COALspot.com - This freight market continued to remain firm in all segments except for cape index which softened slightly.
The BDI was up by 4.60 ...
Sunday, 24 March 13
DRY BULK MARKET PROSPECTS OFFER ROOM FOR RESTRAINED OPTIMISM SAYS SHIP OWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its announcement regarding its annual performance, ship owner Frontline offered some useful insight on the future prospects of both the dry bulk ...
Saturday, 23 March 13
WORLD COAL TRADE FIRST PASSES 1 BILLION TONS IN 2012 - VEREIN DER KOHLENIMPORTEURE E.V
Press Release: Hard coal imports to Germany on the previous year's level in spite of regenerative energies. Imports for power plants at an all-time ...
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- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
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