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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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Tuesday, 23 April 13
REALM CONTINUES AS 51% OWNER AND MANAGER OF THE KATINGAN RIA THERMAL COAL PROJECT
COALspot.com - Realm Resources Ltd. (ASX: RRP) has announced today that, the commercial way forward for the development of its 51% held Indonesian t ...
Tuesday, 23 April 13
TIGERS REALM COAL HAS SOME OF THE WORLD'S BEST UNDEVELOPED COKING COAL ASSETS - EXECUTIVE CHAIRMAN
COALspot.com - “ During 2012, your Company has made very significant progress towards meeting its stated objective of becoming a global player ...
Tuesday, 23 April 13
AUSTRALIA'S NEWCASTLE PORT COAL SHIPMENTS DROPPED BY 4.38 PERCENT W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,434,336 tons of thermal and coking coal for week ended 0700 hours 22 April 2013, Newca ...
Sunday, 21 April 13
INDONESIA - INDIA COAL FREIGHT RATES ARE FIRMING UP - CAPT. REDDY
COALspot.com – The BDI was up by 1.40 pct closed at 888 points week ended 19 April 2013. The Cape index was down by 2.45 pct closing at 1234 p ...
Friday, 19 April 13
FIRST QUARTER OF 2013 PROVEN A POSITIVE SURPRISE FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite ominous predictions regarding the negative performance of the dry bulk market during the – traditionally weak anyway – first qua ...
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Showing 4306 to 4310 news of total 6871 |
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- ASAPP Information Group - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- PTC India Limited - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
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