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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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Tuesday, 10 September 13
COAL EXPORTS AT AUSTRALIA'S NEWCASTLE PORT SLIP 30.31% ON WEEK TO 2.36 MMT
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port down 30.31 per cent week on week to 2.36 million mt f ...
Tuesday, 10 September 13
WORLDWIDE COAL CONSUMPTION RISES SHARPLY - RA DR. ERICH SCHMITZ
By: RA Dr. Erich Schmitz, Verein der Kohlenimporteure (Germany Coal Importers Association)
World hard coal market in the first half of 2013: worl ...
Monday, 09 September 13
REBOUND IN NEWBUILDING ORDERS HASN'T HURT DRY BULK MARKET PROSPECTS, BUT SHIP OWNERS SHOULD STILL BE CAUTIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Since the start of 2013 and up until the end of August, one thing has really caught the headlines in the dry bulk market, except of course, the frei ...
Sunday, 08 September 13
Q3 2014 THERMAL COAL SWAPS : STEADY DIRECTION
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery up 1.88 percent month on month. The swap was moved ...
Sunday, 08 September 13
BALTIC INDEX UP ON HIGHER CAPESIZE, PANAMAX RATES
COALspot.com : The freight market continued saw one of the biggest rally last week with Cape Size taking the lead followed by Panamax.
The BDI wa ...
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- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
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