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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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Wednesday, 20 February 13
BAKRIE GROUP LOOKS TO HAVE A CLEAR UPPER HAND - LUCKY ARIESANDI, CFA
The Bakrie-Rothschild saga is entering its final stage, with Bumi Plc (BUMI LN)’s holders to convene on 21 Feb at 11am GMT to vote on Nat Roth ...
Tuesday, 19 February 13
NEWCASTLE PORT SHIPPED 38.65 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 1,820,559 MT of thermal and coking coal for week ended 0700 hours 18 February 2013, Newc ...
Monday, 18 February 13
78.75 MILLION TONS OF COAL RESERVES ARE NEWLY PROVEN IN WUGANG HUNAN PROVINCE
COALspot.com - Recently, Wugang City, known as the CHINA hundred key coal producing cities, achieved new breakthroughs in coal exploration: deep coa ...
Sunday, 17 February 13
STEEL DEMAND WILL HELP TO PUSH UP FREIGHT RATES - VISTAAR
COALspot.com - This freight market has been fairly steady week ended 15 February 2013.
The BDI was slightly up by 0.67 pct closing at 753 points ...
Friday, 15 February 13
2ND ANNUAL INDONESIA MINING 2013 CONFERENCE
Bringing Indonesia's Mining Stakeholders Together Towards Improving Mining Investment Climate & Operations
Following the success of th ...
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- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- The University of Queensland
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Australian Coal Association
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
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