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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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Wednesday, 02 October 13
HOW LONG WILL THIS LATEST CAPESIZE RALLY LAST? - TASOS PAPADOPOULOS
By Tasos Papadopoulos, SnP Broker, Intermodal
The surge in iron ore trade has translated into a massive boost in daily earnings for capes; with t ...
Tuesday, 01 October 13
DRY BULK MARKET POISED FOR RETREAT ON CHINA HOLIDAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The start of a national weeklong in China as of Tuesday is expected to put a lid in the latest rally of the dry bulk freight market, as has always b ...
Monday, 30 September 13
NEWCASTLE'S COAL EXPORT VOLUME CONTINUES TO SLIP
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 8.38 per cent week on week to 2.67 million mt fo ...
Monday, 30 September 13
PANAMAX CHARTER RATES TOUCHING US$ 18K FOR A TRIP TO NOPAC - CAPT. REDDY
COALspot.com : The freight market continued to remain firm, BDI and the Panamax index up week ended 27 September 2013.
The cape index was fell to ...
Sunday, 29 September 13
API 8 CFR SOUTH CHINA COAL Q3 2014 DELIVERY SWAP GAINED $1.19 M-O-M
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 ...
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- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- The University of Queensland
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
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