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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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Monday, 26 August 13
CARRIAGE OF COAL CARGOES FROM KALIMANTAN, INDONESIA - WEST OF ENGLAND P&I CLUB
The Club has recently been advised by consulting scientists and engineers Dr J H Burgoyne and Partners (International) Limited that the number of in ...
Sunday, 25 August 13
API 8 CFR SOUTH CHINA COAL: HEADING TO NORTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery US$ 2.39 up month on month. The swap was moved positive ...
Sunday, 25 August 13
THE FREIGHT MARKET S7 & S8 SECTOR IS EXPECTED TO BE STEADY/FIRM NEXT WEEK - VISTAAR
COALspot.com - The freight market continued to be firm with all indices moved positive except for Panamax which was slightly down (2 pct down).
T ...
Friday, 23 August 13
US PRODUCED MORE COAL WEEK ON WEEK - EIA
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.80 million short tons (mmst) of ...
Thursday, 22 August 13
PANAMAX : PERIOD MARKET IS STILL BEING LED BY STRONGER SENTIMENT IN THE FFA'S - FEARNRESEARCH
Handy
This week started slowly as expected. Indo biz now rate APS around 7k +60k to china and around 8k+80k to India. However, there are some ships ...
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Showing 4151 to 4155 news of total 6871 |
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- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- White Energy Company Limited
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Australian Coal Association
- Central Java Power - Indonesia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Minerals Council of Australia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
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