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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, 12 July 13
U.S. PRODUCED 18.40 MMST COAL WEEK ENDED 6 JULY 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.40 million short tons (mmst) of ...
Thursday, 11 July 13
PANAMAX: PACIFIC ROUND PAY AROUND $6,500/D; ATLANTIC ROUND VOYAGE PAY AROUND US$ 10,000/D - FEARNLEYS AS
Handy
The Feast market is quiet, July date cargoes remain unfixed as there is a gap between what owners aiming and charterers willing to pay. There ...
Wednesday, 10 July 13
DRY BULK MARKET IS STILL STRUGGLING TO SURVIVE - INTERMODAL
COALspot.com : With the first half of the year now behind us and, as expected, most shipping segments in the dry bulk market are struggling to survi ...
Tuesday, 09 July 13
COAL PRICE REMAINS SLUGGISH - TRIMEGAH
COALspot.com - Newcastle coal price has reached US$ 76.30/ton (-15.9% YTD), bringing YTD’13 average to stand at US$ 87.90/ton, 6.80% lower tha ...
Tuesday, 09 July 13
NEWCASTLE COAL EXPORTS JUMP 27.53% ON WEEK TO 2.97 MILLION MT
COALspot.com - Newcastle Coal exports up 27.53% to 2.97 million tons W-o-W.
Newcastle port in Australia has loaded 2,974,715 tons of coal for the ...
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Showing 4211 to 4215 news of total 6871 |
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- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
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