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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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Monday, 09 December 13
SOUTH AFRICA'S RICHARDS BAY COAL EXPORTS IN NOVEMBER DECLINED 14.43% M-M
COALspot.com: South Africa's Richards Bay coal terminal exported 6.224 million tonnes of coal in November, declining by 1.05 million tons from the ...
Monday, 09 December 13
SUB-BIT INDONESIA COAL SWAP FOR Q3' 14 DELIVERY CLOSED $ 0.57 LESSER THAN Q1 CLOSING
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.49 pmt month on month on Friday 6 Decembe ...
Sunday, 08 December 13
SOUTH CHINA COAL SWAPS SHOW A DECLINE TREND IN Q2 & Q3' 14
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 6.76 percept month on month as on Friday 6 December 2013. T ...
Sunday, 08 December 13
RBCT SHIPPED 63.446 MMT OF COALS YTD
COALspot.com - Richards Bay Coal Terminal (RBCT), the world's single largest coal terminal has shipped 63,446,232 mt of coals YTD, according to por ...
Saturday, 07 December 13
SUPRAMAX SHIPS FOR EC INDIA TO CHINA ROUTE BEING FIXED AT AROUND US$ 13K - SOLYM
COALspot.com: The freight market continued to be firm due to high Iron ore demand. The cape index was up by almost 25 pct this week. The grain seaso ...
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Showing 3966 to 3970 news of total 6871 |
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- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Petron Corporation, Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- The University of Queensland
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
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