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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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Thursday, 27 June 13
US COAL EXPORTS BEATS CHINESE COAL IMPORTS AS THE MOST INFLUENTIAL COAL TRADE - BIMCO
The influence of American coal exports on seaborne transportation has grown significantly over the past decade. In 2002, the US exported 20.1 millio ...
Thursday, 27 June 13
HANDY : USD 12000 FOR SPOT COAL INDO/CHINA AND AROUND USD 13000 INDO/ECI - FEARNLEYS
Handy
Atlantic rates hold well. Continent to Far East is worth more than USD 14k daily whilst USG to Far East pay 23/24k a day. On the route from B ...
Thursday, 27 June 13
DRY BULK CARRIERS DOMINATE NEWBUILDING ORDERS AS SHIP OWNERS ARE ENCOURAGED BY LATEST FREIGHT RATE RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding orders for dry bulk carriers were already high, compared to last year, prior to the latest rally of the Baltic Dry Index (BDI), which ha ...
Tuesday, 25 June 13
CAPESIZE MARKET TO REMAIN BULLISH SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been experiencing its long-awaited rally, with the Baltic Dry Index, the industry's benchmark rising to healthier levels fo ...
Tuesday, 25 June 13
NEWCASTLE PORT SHIPPED OUT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 3,101,378 tons of coal for the week ended 0700 hours 24 June 2013, Newcastle Port Corp. ...
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- Videocon Industries ltd - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
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