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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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Saturday, 10 August 13
DEMOLITION ACTIVITY TO BE CRUCIAL AGAIN IN PROVIDING SUPPORT TO THE DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We appear to have forgotten demolition activity this year, with the Baltic Dry Index gaining traction in the latter part of the second half and emer ...
Friday, 09 August 13
US PRODUCED 4.00 PERCENT LESS COAL ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.00 million short tons (mmst) of ...
Thursday, 08 August 13
HANDY : NO POSITIVE SENTIMENT FOR THE FAR EAST MARKET - FEARNRESEARCH
Handy
No positive sentiment for the Far East market. There are a number of ships coming open in SE Asia this week and owners rating mid/high USD 8k ...
Thursday, 08 August 13
MALAYSIA HOSTS THIRD ANNUAL ASIAN SUB-BITUMINOUS COAL USERS' GROUP CONFERENCE
Press Release : The third Annual Asian Sub-Bituminous Coal Users’ Group (ASBCUG) conference convenes Sept. 30-Oct. 3 at the Eastern & Orie ...
Wednesday, 07 August 13
HANDIES : FINDING IT DIFFICULT TO SUSTAIN THEIR PREVIOUS LEVELS - KONSTANTINOS KONTOMICHIS
Broker's insight
by Konstantinos Kontomichis,
SnP Broker
Entering the most predictable month of the year, as expected the seasonal effects ha ...
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Showing 4171 to 4175 news of total 6871 |
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- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
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