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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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Thursday, 07 November 13
THE ENERGY INDUSTRY'S RISING WATER CHALLENGE - WOOD MACKENZIE
Water poses a variety of business risks for the energy industry, and could play an influential role in shaping the future energy supply mix, accordi ...
Thursday, 07 November 13
HANDY : INDO/CHINA ROUNDS ARE SEEING BIDS AT AROUND $16K
Handy
In the Atlantic we have seen more activity this week with several fixtures being concluded at firm rates. USG/Feast been reported at 30k and ...
Wednesday, 06 November 13
THE BIGGER SIZE SEGMENTS LOST GROUND WHILE SUPRAS AND HANDIES HELD ON TO THEIR GAINS - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable- )
A mirror image of the week prior for the Dry Bulk market, as once more the bigger size segments los ...
Wednesday, 06 November 13
WILL NEW ORDERS DRIVE THE MARKET DOWN AGAIN ONCE DELIVERIES COMMENCE
"While there are many concerns on whether the new orders will drive the market down again once deliveries commence, the second half of 2013 has ...
Tuesday, 05 November 13
AUSTRALIA'S NEWCASTLE PORT SEES DROP IN COAL EXPORTS W-W
COALspot.com: In the week ended November 4, Power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.77 m ...
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Showing 4026 to 4030 news of total 6871 |
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- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Australian Coal Association
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Bhatia International Limited - India
- The University of Queensland
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- MS Steel International - UAE
- PTC India Limited - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
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