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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, 20 November 13
PANAMAX MARKET RESUMED ITS NEGATIVE MOVEMENT FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The recovery noted the week prior in the dry Bulk market proved to be short-lived, as the BDI slipped back down to the low 1,500 point ...
Wednesday, 20 November 13
TAIPOWER TO IMPORT 0.825 MMT OF 5000 GAR COAL FOR Q2' 14
COALspot.com: Taiwan Power Company intends to procure 825,000 metric tons of general sub-bituminous coal with calorific value not lesser than 5,000 ...
Wednesday, 20 November 13
CAPES AND PANAMAXES SOFTENING; SMALLER SIZE SEGMENTS FIRMING FURTHER - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable- )
The BDI has closed off the week on the red, with rates for Capes and Panamaxes softening and those fo ...
Tuesday, 19 November 13
INDONESIAN GOVERNMENT'S DECLARED COAL PRICE REFERENCE UP 1.98% IN NOVEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 1.52 / MT ...
Tuesday, 19 November 13
WEEKLY COAL EXPORTS FROM NEWCASTLE PORT INCREASED BY 20.59%
COALspot.com: In the week ended November 18, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.92& ...
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Showing 4001 to 4005 news of total 6871 |
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- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Planning Commission, India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
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