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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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Sunday, 13 October 13
API 8 CFR SOUTH CHINA COAL - AVERAGE Q4 2013 DELIVERY FELL 0.30 PERCEPT ON WEEK
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.30 percept week on week on Friday 11 October 2013. The CFR South ...
Saturday, 12 October 13
PANAMAX: OWNERS ARE AT US$ 17-18.5K PER DAY; CHARTERERS ARE AT US$ 15.5-16K - CAPT. REDDY
COALspot.com - The futures market was heavily down on the cape size vessels and the physical average charterer rates on cape size vessels dropped by ...
Friday, 11 October 13
DRY BULK FREIGHT RATE POSITIVE MOMENTUM TO BE SUPPORTED BY HIGHER DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO released its latest short term research on the shipping markets, estimating that the elevated level of Capesize TC average rates i ...
Friday, 11 October 13
US COAL PRODUCTION FALLS 7.70% IN SEPTEMBER
COALspot.com – United States the world’s second largest coal producer produced approximately 17.70 million short tons (mmst) of coal in ...
Thursday, 10 October 13
NPC AUSTRALIA SHIPPED 2.99 MILLION TONS OF COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.04 per cent week on week to 2.99 million mt for ...
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- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
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