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Friday, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend has remained the same, the return of Chinese charterers from their three-day holidays marked a stronger demand for Capesizes yesterday, which in turn was enough to offset the lack of interest for smaller vessels and lead the market to higher ground. The Baltic Dry Index (BDI) was up by 0..22% to 928 points yesterday, with Capesizes gaining 2.17% on the day and reaching 1,507 points. By contrast, the demise of the Supramax market was again evident, with the relative index losing 1.66%, while Panamaxes were also down by 0.67%.
Detailing the oversupply issues which have caused the dry bulk market to retreat to such low levels since the start of the year, Intermodal’s Theodore Ntalakos said that “the freight market and other circumstances were quite convenient for many shipowners who while acting independently and rationally consulting their own self-interest, ordered new buildings even when it was clear that in the long-term the excessive tonnage would eventually suffocate the freight market. It is a real-life example of game theory that shows why two or more individuals might not cooperate, even if it is in their best interest to do so” said Mr. Ntalakos.
He went on to give an example to make his case. “Say we have one shipowner ( Shipowner A) and all the rest shipowners (Shipowner B). Each of their strategy is either to expand by ordering the new fuel efficient vessels or not to order and buy a vessel from the second hand market. We have four possible scenarios:
I. If Shipowner A orders and no one else does then he will get the benefit of new designs, and earn say $10, B stays behind and earns $1
II. If both A and B order then they lose the advantage and they earn very little - $2,
III. If no one orders then they earn moderately from their existing fleet - $5 each, and
IV. If shipowner A does not order but 'B' orders then 'A' will earn very little because the charterers will prefer B's ECO ships – A earns $1, B earns $10.
Here, regardless of what the other decides, each shipowner gets a higher pay-off by ordering new vessels:
I. If B does not order, the payoffs for A are $5 or $10 so he will always chose $10 i.e to order.
II. If B orders, the payoffs for A are $1 or $2 so he will always chose $2 i.e to order
The game is symmetric so Shipower B would always act the same way which means that both shipowers would order new vessels. Since both rational owners decide to order new vessels each receives a lower reward than if both were not to order!! So, rational decision-making results being worse off than if each chose not to order and accept to earn less. As the two shipowners can’t see what the others are doing and cannot play a cooperative game, they will decide to maximize their pay-off and always proceed with orders” said Mr. Ntalakos in a rather interesting undertaking.
He concluded his analysis by stating “we need however to point out that the new ECO ships especially with the current restrain on finance, will only be a small part of the total fleet and orderbook and it will take years to play a substantial part and drive the older vessels out of the market, so we expect owners who order such vessels with today's new builiding and bunker prices to have the competitive advantage for the years to come.
So, there you have it, Shipping is a non-cooperative game. Then why do pools exist? Even in pools if each member's interest to put the next (and succeeding) vessel he acquires into the pool and the demand is limited then the quality of the common is damaged for everybody. So like everything else in life one needs to find the proper equilibrium between cooperating and looking after one's self-interest” he said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 06 August 12
3RD ANNUAL INDONESIA POWER
Press Release - 3rd Annual Indonesia Power is Indonesia’s premier power event, where commercial opportunities and new projects are identified. ...
Monday, 06 August 12
COAL EXPORTS COULD ADD $2B TO $6B ANNUALLY TO U.S. ECONOMY - HELLENIC SHIPPING
Business groups backing Pacific Northwest coal export proposals on Thursday lauded a new report that claims increased U.S. coal exports could bring ...
Sunday, 05 August 12
SUB-BIT INDONESIA COAL SWAPS ARE WAY UP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 1.36 percent on Friday (3 August 2012) closing W-o-W but gained& ...
Sunday, 05 August 12
INDONESIA'S ADARO TRIMS PRODUCTION FORECAST, CITES BAD ECONOMY - THE JAKARTA GLOBE
The Jakarta globe reported that, Adaro Energy, the country’s second-largest coal producer, has cut its annual production forecast to between ...
Sunday, 05 August 12
DRY BULK FREIGHT MARKET TO STAY WEAK NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com - The freight market continued to soften further in all segments.
The BDI was down by 8.68 pct closing at 852 points. The cape index ...
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- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
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