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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, 13 June 13
HANDY: SHORT PERIOD WERE FIXED AT AROUND USD 9000 LEVEL
Handy
Despite falling rates for bigger sizes, the Supras in Atlantic are seeing some improvements with fresh biz. US Gulf positions fetching tick a ...
Thursday, 13 June 13
BIMCO EXPECTS SUBDUED CAPESIZE EARNINGS FOR THE COMING WEEKS - HELLENIC SHIPPING NEWS
Bulk is not only about China even though it is a key driver. In this section, we have taken a closer look at the European seaborne coal markets, whi ...
Thursday, 13 June 13
RIO TINTO AGREES SALE OF EAGLE PROJECT FOR AN ESTIMATED US$325 MILLION IN CASH
COALspot.com - Rio Tinto has reached a binding agreement to sell its Eagle project to Lundin Mining Corporation for an estimated US$325 million in c ...
Thursday, 13 June 13
HARD COAL IMPORTS RISE SHARPLY IN GERMANY IN Q1 2013 - COAL IMPORTERS ASSOCIATION
Coal-fired Power Plants in Germany: Pillars of the Grid and the Energy Turnaround; Hard Coal Consumption and Hard Coal Imports Rise Sharply in Germa ...
Wednesday, 12 June 13
INDONESIAN COAL PRICE REFERENCE SLIDES TO 2013 LOW
COALspot.com - Indonesian Coal Price Reference continues to take its lumps this month, dropping about 0.54 % and hitting a 2013 low. The Indonesian ...
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- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
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