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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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- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Planning Commission, India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
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