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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, 11 February 13
NEWCASTLE PORT SHIPPED 23.01 PERCENT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,967,761 MT of thermal and coking coal for week ended 0700 hours 11 February 2013, Newc ...
Sunday, 10 February 13
INDONESIA SUB-BIT SWAPS: "UP" - CFR SOUTH CHINA SWAPS: "DOWN"
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.72 percent W-O-W and CFR South China coal shipme ...
Sunday, 10 February 13
DRY BULK OVERSUPPLY OF TONNAGE SEEN WANING IN THE COMING MONTHS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It seems that the tide could be shifting in the dry bulk market, in terms of tonnage oversupply, according to the latest data figures. This could ex ...
Sunday, 10 February 13
HIGHER BUNKER PRICE PUSHES SEA FREIGHTS FIRM - REDDY
COALspot.com - The freight market was soft and all at same levels with Chinese year holidays next week.
The BDI was slightly down by 0.27 pct ad ...
Friday, 08 February 13
NORTH P&I CLUB WARNS OF LIQUEFACTION RISK FOR BAUXITE CARGOES
The ‘A’ rated 170 million GT North P&I club has warned shipowners carrying bauxite aluminium ore cargoes that they have the potentia ...
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- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- PTC India Limited - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
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