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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, 17 October 13
CHINA'S COAL IMPORTS DOWN 9.4% TO 25.96 MMT IN AUGUST
COALspot.com: China's August Imported coal volumes down 9.4% m-m but up 27% y-y, BNP said in its latest China Coal & Power report released on 1 ...
Wednesday, 16 October 13
NEW STRATEGIES AND OPPORTUNITIES IN A RAPIDLY EVOLVING COAL INDUSTRY
The 12th Annual Coal Markets assumes even more significance as the industry seeks more market information, inputs on trade strategies, supply and de ...
Wednesday, 16 October 13
CAPES: RATES DROPPED; PANAMAX: ADVANCED - INTERMODAL
After a month and a half of straight weekly positive closings, the BDI has finished the week in the red. Monday started slow as holidays in the East ...
Wednesday, 16 October 13
WILL THIS LATEST DRY BULK MARKET UPTREND PROVE TO BE AS LONG-LIVED OR JUST ANOTHER MOMENTARY SPIKE? - CHRISTOS MANZTIOS
COALspot.com: So here we are again facing the same old question: Will this latest market uptrend prove to be as long-lived as all owners hope or jus ...
Wednesday, 16 October 13
KOSEP TO IMPORT 0.49 MILLION TONS OF 4600 NAR COAL FOR JAN - FEB '14
COALspot.com - Korea South-East Power Co., a Korean generator and distributor of electricity on behalf of five Korean Gencos intends to procure 490, ...
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Showing 4061 to 4065 news of total 6871 |
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- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
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