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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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Sunday, 24 November 13
SUPRAMAX FREIGHT RATES REMAINED FIRM FROM INDONESIA TO INDIA AND CHINA - SOLYM
COALspot.com: The freight market was fairly steady except for the Supramax in SE Asia region which continued to remain firm. The BDI was down by 1.5 ...
Friday, 22 November 13
DRY BULK MARKET STILL LACKLUSTRE, DESPITE PROJECTIONS OF A NEW RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We might still be about six weeks far from the end of the year, but the projected by many analysts upcoming rally of the dry bulk market, hasn't ye ...
Friday, 22 November 13
US COAL PRODUCTION DOWN 1.3% W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.5 million short tons (mmst) of coal in ...
Thursday, 21 November 13
TAIPOWER TO PROCURE 750K MT OF 5500 GAR BITUMINOUS COAL FOR MAY - AUGUST 2014
COALspot.com: Taiwan Power Company intends to procure 750,000 metric tons of bituminous coal with calorific value not lesser than 5,500 kcal/kg on a ...
Thursday, 21 November 13
CAPESIZE : THE DOWNWARD TREND HAS TURNED INTO NOTABLE SPOT AND PERIOD IMPROVEMENT - FEARNLEYS
Handy
The Atlantic market experienced a general rate increase for most trades this week. More cargoes in the market and chrts looking for prompt t ...
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- Latin American Coal - Colombia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
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