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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, 04 December 13
SGX'S MONTHLY VOLUMES REACHED A RECORD HIGH OF 705,000 MT IN NOVEMBER 2013
COALspot.com: SGX has announced that, it monthly volumes have reached a record high of 705 lots (705,000 mt) in November 2013 with month-end open in ...
Tuesday, 03 December 13
PORT OF NEWCASTLE IN QUEENSLAND SHIPPED 1.22 MMT MORE COAL W-W
COALspot.com: In the week ended December 2, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.49 ...
Tuesday, 03 December 13
U.S PRODUCED 900.80 MMST YEAR-TO-DATE
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.7 million short tons (mmst) of coal in ...
Monday, 02 December 13
SUB-BIT INDONESIA COAL SWAP DIFFERENCE BETWEEN Q1 AND Q3 DELIVERIES ARE VERY MARGINAL
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.67 pmt month on month on Friday 29 Novemb ...
Sunday, 01 December 13
API 8 CFR SOUTH CHINA COAL SWAP FOR Q2 AND Q3 DELIVERY SHOWS A DECLINE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.63 percept d-d on Friday 29 November 2013. The CFR South ...
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Showing 3981 to 3985 news of total 6871 |
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- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Australian Coal Association
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Planning Commission, India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
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