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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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Friday, 15 November 13
US COAL PRODUCTION UP 2.59% WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.8 million short tons (mmst) of coal in ...
Friday, 15 November 13
TAIWAN'S PLASTICS GROUP FORMOSA TO IMPORT 1.37 MILLION TONS OF COAL FOR Q1' 14
COALspot.com: Taiwan's Formosa Plastics Group is inviting bids for total 1.37 million mt of coal for 1Q’ 14 for its various plants in Taiwan, ...
Thursday, 14 November 13
KOMIPO TO BUY 270K MT OF SUB-BITUMINOUS COAL FOR Q2' 14
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International Open Bidding for 140,000 Metric Tons (MT) of sub-bituminous coal ...
Thursday, 14 November 13
PANAMAX : MARKET SHOULD BE AROUND USD 11500 FOR 1 YEAR - FEARNLEYS AS
Handy
The Atlantic market has picked up this week with prompt ships able USG for November dates coming off and chrts need to pay up in order to cov ...
Wednesday, 13 November 13
Y'14 SUB-BIT INDO COAL SWAP MOVING AT SNAIL-SPEED
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’2014 delivery gained 2.95 percept month on month on Friday ...
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- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
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