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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, 01 July 13
12TH CLEAN COAL FORUM INDONESIA 2013
Press Release: Produced by CDMC Events, The 12th Clean Coal Forum Indonesia 2013 will be held on Dec 5-6,2013 in Jakarta, Indonesia. It will generat ...
Monday, 01 July 13
INDIA AND CHINA STILL DOMINATING THE INDONESIAN THERMAL COAL EXPORT MARKET
COALspot.com: Indonesia, the world's largest multi types coal exporter shipped 35.83* million tons of coal in May 2013, 1.40 per cent l ...
Sunday, 30 June 13
YEAR 2014 INDO SUB-BIT COAL SWAPS EXPECTED TO STAY BELOW 2013 LEVEL
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 delivery have gained 0.08 percent on a day lost on week ...
Sunday, 30 June 13
CAPESIZE RATES SEEN INCREASING ON HIGH DEMAND - VISTAAR
COALspot.com - The BDI continued to rise and saw a big gain on Friday. BDI increased 14 per cent week ended 28 June 2013, closed at 1171 points driv ...
Friday, 28 June 13
U.S. PRODUCED 1.52 PERCENT LESS COAL WEEK ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 19.40 million short tons (mmst) of ...
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- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
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