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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, 25 October 13
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED TOTALLED 803.1 MMST
COALspot.com – United States the world’s second largest coal producer produced approximately 19.10 million short tons (mmst) of coal in ...
Thursday, 24 October 13
PANAMAX: RATES SLIP ACROSS BOTH HEMISPHERES
Handy
We were back from holidays but still not much enquiries in the market. Overall future direction is uncertain. Currently, ships passing Singap ...
Thursday, 24 October 13
SHIP PRICES ARE INCREASING ON THE BACK OF IMPROVED MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating from its recent highs, ending yesterday at 1,786 points, down 61 points on the day, with Capesizes leadin ...
Wednesday, 23 October 13
DRY BULK MARKET HAS SHOWN SIGNS OF STABILITY - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable-)
The Dry Bulk market has shown signs of stability this past week, with the sole exception of Capes, rates f ...
Wednesday, 23 October 13
MARKET SENTIMENT IN THE DRY BULK SECTOR REMAINS POSITIVE - YANNIS OLZIERSKY
Market sentiment in the dry bulk sector remains positive despite the latest correction in freight rates for the Capesize sector, which are sliding f ...
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- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Planning Commission, India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- The University of Queensland
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
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