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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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Tuesday, 05 February 13
CHALLENGER DEEP RESOURCES CORP HAS ENTERED INTO AN EXCLUSIVE MINING AND MARKETING AGREEMENT WITH KEM
COALspot.com - Challenger Deep Resources Corp., through its wholly owned subsidiary, PT Bestindo Energy, has entered into an Exclusivity Agreement r ...
Saturday, 02 February 13
ADARO TO INTRODUCE A NEW BRAND OF ENVIROCOAL, E4700, IN 2013
COALspot.com - Adaro Energy, an Indonesian and leading coal producer in country has achieved a record coal production during 4Q12 of 13.31 mil ...
Saturday, 02 February 13
FREIGHT MARKET MAY REBOUND AFTER CHINESE NEW YEAR - VISTAAR
COALspot.com - The freight market was soft and all the indices were down by around 5-7 pct this week.
The BDI was down 6.01 pct closing at 750 po ...
Friday, 01 February 13
ORPHEUS SELLS B26 COAL PROJECTS FOR US$ 2 MILLION TO FOCUS ON SOUTH KALIMANTAN
COALspot.com - Orpheus Energy Limited (ASX: OEG) has announced that it has sold its 51 percent equity stake in the East Kalimantan coal projects, Bl ...
Friday, 01 February 13
HANDY - FLAT; PANAMAX - FLAT TO WEAK; CAPESIZE - WEAK
Handy
The Atlantic market remained stable with no significant movement in rates. Rates from USG to FEast were around USD 17k and Black sea to Feast ...
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- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Economic Council, Georgia
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- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
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- Aditya Birla Group - India
- Thiess Contractors Indonesia
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- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
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- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
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- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
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- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Australian Coal Association
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- MS Steel International - UAE
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
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