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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, 18 October 13
WOOD MACKENZIE FORECASTS CHINA WILL OUTWEIGH THE REST OF THE WORLD FOR BASE METALS DEMAND BY 2017
China set to account for 52% of 117mt base metals market by 2017
China is on track to exceed rest of the World demand by 2017, becoming the singl ...
Friday, 18 October 13
DRY BULK MARKET ON "PAUSE" MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been on "pause" mode over the past week, after China's return from the week long holidays. The industry's benchm ...
Friday, 18 October 13
US PRODUCED 6.7% MORE COAL W-W
COALspot.com – United States the world’s second largest coal producer produced approximately 18.9 million short tons (mmst) of coal in a ...
Thursday, 17 October 13
CAPESIZE: RATES ARE AGAIN MOVING UPWARDS - FEARNRESEARCH
Handy
Activities were obviously slowed down in the Pacific basin. There were only few coal movements which fixed around USD 15-16k for ships in Sin ...
Thursday, 17 October 13
SGX TO LAUNCH "SGX THERMAL COAL FUTURES" NEXT MONDAY
COALspot.com: SGX is to launch two thermal coal futures contracts, SGX API 8 CFR China Coal Index Futures and SGX IHS McCloskey Indonesian Sub-bit F ...
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Showing 4056 to 4060 news of total 6871 |
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- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
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