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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, 29 September 13
SUB-BIT INDONESIA COAL SWAP FELL ON MONTH AND WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 3.93 percept month on month on Friday 27 September 2 ...
Friday, 27 September 13
TAIWAN'S FORMOSA TO IMPORT 140K MT OF BITUMINOUS COAL FOR Q4
COALspot.com : Taiwan's Formosa Plastics Group is inviting bids for 140,000 mt of bituminous coal for delivery in the Q4 for its China plant.
Ac ...
Friday, 27 September 13
CAPESIZES REGAINING PART OF THEIR FORMER GLORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The latest dry bulk market rally has been nothing short of spectacular, with freight rates more than doubling over the past few weeks. This growth h ...
Friday, 27 September 13
US PRODUCED 19.30 MMST OF COAL IN SEVEN DAYS
COALspot.com – United States the world’s second largest coal producer produced approximately 19.30 million short tons (mmst) of coal in ...
Thursday, 26 September 13
PANAMAX MARKET CONTINUE WITH STRONG RATES IN BOTH BASINS - FEARNRESEARCH
Handy
Feast rates are still firm, some fresh stems entered the market. Vessels trading around $15k passing Singapore for coal to India, and a bit l ...
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Showing 4096 to 4100 news of total 6871 |
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- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Planning Commission, India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
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