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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, 11 December 13
THE INDONESIAN GOVERNMENT IS CONSIDERING SETTING A REGULATION ON THE MINIMUM PURITY TO REGULATE UNPROCESSED ORE BAN
COALspot.com: Energy and Mineral Resources Minister Jero Wacik recently proposed to house those mining (mineral) companies that had shown a commitme ...
Wednesday, 11 December 13
BDI REACHED A PEAK OF YEAR RECORD OF 2,237 POINTS WHICH IS A SIGNIFICANT CHANGE IN MARKET CONDITIONS
Getting closer to the end of 2013, it is important that we have a review of the course the market has taken these past 12 months by looking at the B ...
Tuesday, 10 December 13
HNL, AN INDIAN STATE-OWNED NEWSPRINT PAPER MAKER SEEKS 50K TONS OF INDONESIAN 5600 COAL
COALspot.com: Hindustan Newsprint limited (HNL), an Indian state owned news print paper producer invited bids to supply 50,000MT of min 5,200kcal/kg ...
Tuesday, 10 December 13
COLOMBIAN THERMAL COAL EXPORTS SLIPPED 25.54% M-M IN OCTOBER'13
COALspot.com: Colombia's Thermal coal exports in October dropped 25.54% month on month to 5,990,815.13 million mt, according to data from mining de ...
Tuesday, 10 December 13
NEWCASTLE COAL EXPORTS PLUNGE W-O-W
COALspot.com: In the week ended December 9, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.50 ...
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- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
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