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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, 09 May 13
THE WORLD LARGEST POWER PLANT COAL EXPORTER SHIPPED 36 MILLION TONS OF COAL IN MARCH
COALspot.com: Indonesia, the world largest multi grade coal exporter has shipped 36.165* million tons of coal in March 2013.
Ac ...
Thursday, 09 May 13
DRY BULK SHIP OWNERS KEEP BUILDING NEW VESSELS ON THE BACK OF LOWER PRICES AND IMPROVED MARKET PROSPECTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the doom and gloom that the dry bulk market has experienced during the past couple of years and especially during 2012, ship owners have inc ...
Thursday, 09 May 13
HANDY : RBCT ROUNDS FIXED AT USD 8000 DOP ECI - FEARNRESEARCH
Handy
The atlantic market started to pick up with new orders. The USG-Feast was at USD 20k and Black sea-feast was at USD 12k. The pacific mkt rema ...
Wednesday, 08 May 13
PANAMAX VESSELS PROVE TO BE "STARS OF THE MONTH" FOR THE DRY BULK MARKET DURING APRIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
They have taken a beating on various occasions during the past few years of the dry bulk market's crisis, but the fact remains, that despite the he ...
Tuesday, 07 May 13
NEWCASTLE PORT'S COAL EXPORTS HOLD STEADY WEEK ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,975,160 tons of thermal and coking coal for week ended 0700 hours 6 May 2013, Newcastl ...
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- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
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