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Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
 The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead Transport survey from global law firm Norton Rose Fulbright. China and India are the most popular jurisdictions for investment, followed by the US, with growth through consolidation viewed as the best investment opportunity currently. While confidence among respondents from the aviation and rail industries is high, owing to lower oil prices, the availability of funding and the impact of infrastructure improvements, the shipping industry remains the least optimistic as a result of overcapacity in many subsectors of the market.
Over half (52%) of all respondents to the Norton Rose Fulbright survey agree that a global recession poses the greatest threat to their industry. However, despite political uncertainty, most agree that the transport sector can expect to enjoy further growth over the next five years. Rising passenger numbers and freight volumes are anticipated (by 73%) and an increase in the number of routes and services is expected (52%).
Investment in technology is expected to rise, according to 67%, with low carbon technology and predictive analytics expected to represent the most significant driver of change in the transport sector over the next five years.
Infrastructure remains a key theme for the sector. After consolidation, infrastructure improvements are viewed as the best investment opportunity currently (by 19%), and infrastructure investment is seen as the most helpful form of government support (by 25%). For the aviation, rail and road industries, inadequate infrastructure is seen as the greatest challenge to the operational efficiency of their industries.
Bank debt, capital markets and private equity will represent transport businesses’ main sources of funding over the next two years, and 74% of respondents expect the availability of funds to stay the same, or even increase, over the next five years.
Harry Theochari, global head of transport at Norton Rose Fulbright, comments:
“The transport sector is continuing to look to Asia Pacific for investment opportunities, encouraged by rising demand and China’s ambitious Belt and Road initiative, a modern day silk road which will improve China’s infrastructure links with the rest of the world.
“Sentiment is high in the aviation and rail industries, buoyed by the expectation of increased passenger numbers. However, shipping continues to feel the effects of overcapacity in many markets, and an increase in enforcement actions is widely predicted, although in the longer term respondents believe conditions will improve.
“Investment in infrastructure and technology, and consolidation through both M&A and joint ventures, will be key drivers for transforming the transport sector and assisting growth.
“The adoption of new technology in particular will help to address numerous issues the sector has been grappling with in recent years, such as low carbon technology to meet increasingly stringent environmental legislation, and predictive analytics to anticipate repairs and maintenance and better understand and forecast consumer behavior.
“While respondents are most fearful of the impact of a worldwide recession, they will be watching closely the implications of the UK’s referendum result. The transport sector is international and highly regulated and any UK exit from the EU would need to take into account a number of complex issues.”
Shipping
Shipping is the least optimistic industry within the transport sector, by a significant margin. Only 15% believe that current market conditions are positive, down from 33% in 2015 and 69% in 2014.
Overcapacity is the principal reason given for this lack of optimism (66%), followed, to a lesser extent, by economic uncertainty in key markets (27%).
Respondents are more optimistic when asked to consider the outlook for shipping over the next five years. Fares and freight costs will increase according to 67% and the same proportion anticipate an upturn in passenger numbers and freight volumes. The number of routes and services offered is also expected to rise, according to 35%. However, just 22% believe that funding will become more readily available and 64% think that the number of enforcement actions will increase as lenders seek to protect their positions and recover losses. Most (68%) expect fuel costs to rise.
Investment opportunities
Much of the shipping industry (58%) continues to favour Asia Pacific for investment opportunities over the next two to five years, followed, to a far lesser extent, by Europe (16%). China (17%) and India (16%) remain the most popular markets for investment.
A merger or acquisition is seen as the optimal investment opportunity (by 34%, up from 29% in 2015), while 13% favour joint ventures, alliances and pools (down from 28% in 2015).
Respondents expect consolidation to be at the centre of shipping businesses’ strategies over the next 12 months, either in the form of M&A (22%) or joint ventures (19%), while 22% expect a focus on the disposal of non-core assets. Almost three-quarters (72%) expect investment in technology to increase over the next five years, with low carbon technology expected to have the most significant impact on the industry during this period (by 33%), followed by predictive analytics (by 24%).
Regulation
Almost half (42%) believe that greater transparency in the application and enforcement of existing and proposed regulations would be the most helpful form of government support for the shipping industry, more so than fiscal incentives (32%) or investment in infrastructure (29%). Environmental regulation is seen as the regulation that has had the greatest impact on shipping over the past decade (by 49%), followed by trade and financial sanctions (by 25%).
Supply and demand imbalances are seen as the greatest challenge to the operational efficiency of the industry (by 47%), followed by a lack of qualified people (12%) and emission controls (9%). A global recession is seen as the greatest threat to the health of shipping over the next five years (by 68%). To a lesser extent, respondents are also concerned about the impact of enforcement by creditors on debt obligations (12%) and continued political and economic uncertainty in the Eurozone (8%).
Bank debt is once again expected to act as shipping’s primary source of funding over the next two years (22%), followed by shareholder support (18%) and private equity (16%).
Despite the problem of overcapacity in many sub-sectors of the industry, fuelled by new build vessels coming on to the market, 11% think that ECA funding will be the industry’s main
source of finance.
Source: Norton Rose Fulbright | Hellenic Shipping
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Monday, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
Friday, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
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- Bhatia International Limited - India
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- Coal and Oil Company - UAE
- Minerals Council of Australia
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- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
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- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
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- Star Paper Mills Limited - India
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- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
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- Tamil Nadu electricity Board
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- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
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- MS Steel International - UAE
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
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- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
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- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
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