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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, 06 September 13
DRY BULK MARKET REACHES NEW YEAR-HIGHS ON THE BACK OF INCREASED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been on the rise once again, but this time around any new increase of freight rates translates into new year-highs, thus bri ...
Friday, 06 September 13
US PRODUCED APPROXIMATELY 90.80 MMST OF COAL IN AUGUST
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.90 million short tons (mmst) of ...
Thursday, 05 September 13
INDONESIAN COAL EXPORTS UP BY 6.72 PERCENT IN JULY
COALspot.com: Indonesia, the world's largest multi grade coal exporter shipped 35.268* million tons of coal in July 2013. Indonesian coal exp ...
Thursday, 05 September 13
HANDY: NICKEL ORE WAS PUSHING THE FAR EAST MARKET - FEARNLEYS
Handy
Nickel Ore was pushing the Feast market, several ships were fixed from low teens to $14k. Indo/India was still supported by bauxite, while th ...
Thursday, 05 September 13
DRY BULK MARKET ON A HIGH ROLL, MAINLY THANKS TO CAPESIZE APPETITE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize owners have been rejoycing on the back of renewed optimism for the further rise in the dry bulk market's freight rates, especially when on ...
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Showing 4136 to 4140 news of total 6871 |
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- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- The University of Queensland
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
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