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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, 06 August 13
UNLEASHING SHALE GAS POTENTIAL AS A GLOBAL ENERGY GAME CHANGER
In its 4th year running, the Annual Shale Gas Conference will bring leaders from North American shale gas operators, key Asian regulators, multi ...
Tuesday, 06 August 13
GBCE APPOINTS BENJAMIN WILEY AS NEW MANAGING DIRECTOR
COALspot.com : GB Clean Energy Ltd. (GBCE) announced today that Mr. Benjamin Wiley has been appointed as Managing Director.
Mr. Wiley has ...
Tuesday, 06 August 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS FALL 23.16 PERCENT ON WEEK TO 2.26 MMT
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 15.8 percent week on week to 2.26 million mt for ...
Monday, 05 August 13
PAPERLESS TRADING (ELECTRONIC BILLS OF LADING) - FREQUENTLY ASKED QUESTIONS ("FAQS") - UK P&I CLUB
A number of Members have contacted the Club with queries regarding the use of electronic bills of lading and any potential consequences for P&I ...
Monday, 05 August 13
INDO GOVERNMENT'S DECLARED HBA IN AUGUST '13 FALL TO LOWEST LEVEL SINCE JANUARY '10
COALspot. com - HBA fell to US$ 76.70 this month, the lowest since January 2010. Indonesian Coal Price Reference fell 6.11% and hitting a 2013 ...
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- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Planning Commission, India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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