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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, 01 November 13
DRY BULK MARKET IN FIRST POSITIVE SIGN IN DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Owners of dry bulk carriers are well aware of the rollercoaster ride that has been the market for their vessels over the past few years. This trend ...
Thursday, 31 October 13
HANDY: ACTIVE; PANAMAX: QUIET; CAPESIZE: NO LIGHT
Handy
The handy market had an active week however not directly translated into the rates we´ve seen in the Pacific. We see more coal and baux ...
Wednesday, 30 October 13
INDONESIAN STATE OWNED COAL MINER HAS EXPORTED 7.02 MILLION TONS OF COAL IN 9 MONTHS
COALspot.com : PT. Bukit Asam, Indonesian state owned coal miner has sold 13.24 million tons of coal for the period January - September 2013. Accord ...
Wednesday, 30 October 13
DRY BULK MARKET HAS LOST FURTHER GROUND THIS PAST WEEK - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable-)
The Dry Bulk market has lost further ground this past week, as de-creased activity in both basins for both C ...
Wednesday, 30 October 13
CAPESIZE: DOWNWARD; SUPRAS AND HANDIES: STABLE - INTERMODAL
The Dry Bulk market has resumed its downward movement, noting another dip for a third week in a row. The larger size segments were responsible for p ...
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Showing 4036 to 4040 news of total 6871 |
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- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Minerals Council of Australia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
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