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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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Friday, 13 September 13
DIRECTOR GENERAL OF MINERAL AND COAL OF INDONESIA REVISED UP COAL PRICE REFERENCE TO US$ 76.89
COALspot. com - The Indonesian government has revised up its owned coal bench mark price by US$ 0.19/ MT to US$ 76.89 for September 2013 deliveries ...
Thursday, 12 September 13
PANAMAX : PACIFIC ROUNDS ARE NOW REPORTED BETWEEN USD 13K AND 15K PER DAY - FEARNRESEARCH
Handy
Nickel ore is a key support SE Asia/Feast rate at the moment; vessel in N.China were fixed around USD 11-12k, ships in mid China can expect a ...
Thursday, 12 September 13
CAPESIZE MARKET WILL BECOME EVEN TIGHTER - JEFFREY LANDSBERG
COALspot.com : While it is no secret that current capesize availability has become tight and has caused capesize rates to surge, availability is set ...
Thursday, 12 September 13
DRY BULK MARKET RALLY COMES AT A GOOD TIME FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of the dry bulk market has helped offset other lingering factors, which otherwise, could have plunged freight rates to new lows. Fo ...
Wednesday, 11 September 13
ASIA - PACIFIC THERMAL COAL MARKET TO REMAIN OVERSUPPLIED IN NEXT 12 MONTHS - FITCH RATINGS
COALspot.com: Fitch Ratings says the Asia-Pacific thermal coal market will remain oversupplied in the next 12 months because strong production has b ...
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- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
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