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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, 07 February 13
CHINA NDRC APPROVED 10 BILLION YUAN POWER GENERATION PROJECTS
NDRC of China currently announced that some of power grid and power station in Jiangxu, Sichuan and Anhui Province would be newly constructed or ext ...
Thursday, 07 February 13
CAPESIZE : MORE ACTIVE WEEK IN THE PACIFIC - FEARNLEYS AS
Handy
The Atlantic market remained stable with no significant movement in rates. Rates from USG to FEast were around USD 18k and Black Sea to Feast ...
Thursday, 07 February 13
WEAK STEEL MARKET MEANS IRON ORE RALLY LIKELY TO END SOON - FITCH
The sharp rebound in iron ore prices over the last couple of months will hurt margins at non-integrated steel producers in the first quarter of 2013 ...
Tuesday, 05 February 13
THE SHIPPING SECTOR IS " NAVIGATING IN STORMY WATERS" - PWC
The vulnerabilities of the global economy have been exposed and have more than played their part in making 2011 one of the worst years of shipping i ...
Tuesday, 05 February 13
NEWCASTLE PORT COAL SHIPMENTS DROPPED BY 10.77 PERCENT W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,412,497 MT of thermal and coking coal for week ended 0700 hours 4 February 2013, Newca ...
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- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- PTC India Limited - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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