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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, 19 July 13
U.S.COAL PRODUCTION TOTALED APPROXIMATELY 19.60 MMST WEEK ENDED JULY 13
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 19.60 million short tons (mmst) of ...
Friday, 19 July 13
TNPL IS LOOKING FOR 300 K MT OF 6000 GAD COAL FOR FIVE MONTH
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 5 shipments about 60,0 ...
Thursday, 18 July 13
3RD ANNUAL FLOATING TERMINALS, INDONESIA
Commercial applications for offshore transshipment facilities
Floating Terminal solutions are increasingly being deployed by miners, independent ...
Thursday, 18 July 13
THE CAPE MARKET APPEARS TO BE HOLDING FIRM - FEARNLEYS AS
Handy
In the Pacific, market maintained similar levels during the week. There is several Indo coal orders in the market, ships passing Singapore fi ...
Thursday, 18 July 13
DRY BULK MARKETS RETAINS RECENT GAINS, MOVES SIDEWAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on moving sideways this week, as evidenced by the latest trends of the industry's benchmark, the Baltic Dry Index (BDI ...
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- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
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