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Thursday, 12 September 13
OVER THE WORST? WE MIGHT FIND OUT THIS WEEK - BIMCO
 The shipping market has a spring in its step, even as summer draws to a close. There is it seems, confidence that finally, we are emerging into the light and the beginnings of a sustained recovery. In this sense, London International Shipping Week, which will be in full swing by the time this piece is published, will be a useful thermometer with which to take the patient’s temperature.
We might not get a full appraisal and certainly the industry will need to be kept under observation, but there should be plenty of discussion of whether the worst is over and how quickly earnings and operations can get back to normal.
As a participant this week I shall certainly be looking for signs of returning confidence and full recovery but Jonah that I am, I’m not completely convinced we are out of the woods yet.
The problem that shipping has at the moment is equating activity with achievement. If we all just look busy, the feeling goes, we can work our way out of this. And just when you’re least expecting it, you’ll pop your head up and everything will be rosy again. This scenario is very unlikely to take place, at least in the short term.
For one thing, shipyard capacity is still far, far, too high and the very short memories of those who cashed in at the flood are still strong enough to have them believe that there is money to be made by hanging tight and waiting for better times. In one sense this might be true, if some of the ships lashed together as the yard was being built around them really are as short-lived as some people predict.
It would be a good thing if the global fleet was renewed and its average age reduced so significantly that one source of casualty risk is reduced, or even removed. Unfortunately, recent casualties tend to suggest that it is not as simple as that.
Singling out the shipyards seems a little unfair, after all it is the owners that keep on coming back for more. But the fact that some are prepared to continue to cut prices in order to attract business undermines the entire industry and creates the worst possible two-tier market.
Owners are hardly in the best of health either, an observation based on the eagerness with which they are flocking to new sources of finance – now that the banks have decided they will mostly pass – and their willingness to order against analysis of economic recovery which is far from proven.
The change in complexion of the Chinese economy, even given that country’s extraordinary ability to manage its movements up and down is in stark contrast to the rout being effected on the Indian currency (and others) as a result merely of expectations that the US Fed will taper its QE programme. Micro-economic conditions elsewhere remain fragile to say the least. To take one example, London property prices (and hotel room rates) are high but the country’s recovery seems predicated on very doubtful fundamentals.
Analysts have forecast the end of the commodities boom since the start of the year if not longer and the reversal of fortune in Australia’s economy is testament to that. It seems self-evident that an extractive industry is unsustainable in the very long term but when the demand profile changes, the supply side has to adjust. Look at the tanker market and shale gas for further evidence of that.
The major shipping markets remain volatile and treacherous, even despite the summer’s dry bulk upturn and some semblance of order returning to tanker and containership markets. In the first of these, simply look how far out the forward curve has pushed a recovery – with Cal14 Cape levels below spot values last week.
At the same time costs, primarily as a result of regulation and the cost of quality labour continue to remain high. But the situation here is if anything even more confused. Owners have to budget and plan for some regulations that continue to move away from them and others that seem set in stone, despite concerns that they will be difficult to comply with and will put further pressure on the price of operations.
At the same time, owners are engrossed in hot pursuit of energy efficiency initiatives, many of which sound promising but which are in some cases lacking in empirical evidence as to their efficacy.
Elsewhere, security concerns a remain, with new threats emerging, in Libya, Suez and in the eastern Mediterranean to add to those already well known off east and west Africa. These will hopefully be temporary effects – though ironically some degree of disruption can be good for earnings – but no one can image that a long term closure of the Suez Canal for example is in the industry’s best interest.
New frontiers continue to be explored, with the first Chinese transit of the Northern Sea Route recently completed. Even the secretary general of the IMO has made the journey, suggesting that shipping is preparing for this to become part of the business as usual scenario before long.
And yet doesn’t it also seem likely that during his voyage, Mr Sekimizu will have come to the inescapable conclusion that melting summer ice on the NSR should probably go in the ‘cons’ column when weighing the effect in the context of global warming?
Perhaps he will have returned doubly convinced that the industry must tackle the carbon dioxide issue and perhaps more troublingly, the carbon black issue, before too long.
Still, take a look at this week’s LISW programme and it seems inconceivable that any of these pressing issues will be overlooked. With NGO, governmental and industry representatives from across the board meeting, greeting and generally doing their thing, this is actually a very strong opportunity to build a platform for the next year and beyond.
And in case one was in any doubt that it was a shipping industry affair, there’s even a black tie dinner, where the industry can toast its successes and look to the future, confident it has a handle on all the big issues and solid strategies to cope with them.
Source: BIMCO / Hellenic Shipping News
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Wednesday, 18 December 13
DEMOLITION ACTIVITY SCALED BACK AS FREIGHT RATES RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's always been the case that each time we witness a spike in freight rates, demolition activity is decreasing, as owners are looking for more car ...
Tuesday, 17 December 13
NEWCASTLE COAL EXPORTS UP 37.83% WEEK ON WEEK
COALspot.com: In the week ended December 16, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.45 ...
Monday, 16 December 13
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 0.53 IN A WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery gained $ 0.91 pmt month on month on Friday 13 December 2013 ...
Monday, 16 December 13
API 8 CFR SOUTH CHINA COAL Q3' 14 DELIVERY PRICE CLOSED $1.63 LESSER THAN Q1' 14 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 5.34 percept month on month as on Friday 13 December 2013. ...
Sunday, 15 December 13
SUPRAMAX'S FREIGHT RALLY COMES TO AN END THIS WEEK
COALspot.com: The BDI was up by 7 pct closing at 2,330 points week on week and the cape index was also up by 10.51 points and closed at 4,246 points ...
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- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- The Treasury - Australian Government
- Posco Energy - South Korea
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Planning Commission, India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
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