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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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Monday, 07 October 13
SGX - CFR SOUTH CHINA COAL SWAPS END ALMOST FLAT
COALspot.com : SGX has launched API 8 CFR South China Coal Swap on 29 April 2013 and SGX replaced the previous swap.
API 8 CFR South China Coal s ...
Monday, 07 October 13
Q3'14 SUB-BIT FOB INDONESIA COAL SWAP CLOSED 6.53% HIGHER THAN Q4'13
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery gained 0.53 % on day and fell 2.33 percept month on month ...
Sunday, 06 October 13
DRY BULK FREIGHT MARKET STAYS STEADY IN SPITE CHINESE HOLIDAYS - SOLYM CARRIERS SINGAPORE
COALspot.com: The freight market continued to remain firm in spite of Chinese holidays.
The BDI closed at 2,084 points on Friday 4 October or up ...
Saturday, 05 October 13
CAPESIZE EARNINGS SKYROCKET AS A RESULT OF INCREASED CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
An increased iron ore demand has triggered this latest dry bulk rally, which could get yet another boost during next week, when China is expected to ...
Friday, 04 October 13
NICKEL ORE SHIPMENTS - LESSONS LEARNED FROM LOSSES
One of the most pressing problems for the bulk shipping industry is the safe carriage of nickel ore. The increasing demand for this commodity is fue ...
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- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Australian Coal Association
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
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