We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 27 June 12
DIRECTORATE GENERAL OF MINERAL AND COAL OF INDONESIA INTRODUCES ON-LINE SYSTEM FOR MINING PRODUCTS EXPORT APPROVAL
COALspot.com - Directorate General of Mineral and Coal of Indonesia has released "Clear and Clean" certificate for another 33 coal miners ...
Monday, 25 June 12
RIO TINTO MAKES FIRST COAL SHIPMENT FROM MOZAMBIQUE
Rio Tinto has started exporting premium hard coking coal from its Benga Mine in the Moatize Basin in Mozambique. The first shipment of 34,000 tonnes ...
Sunday, 24 June 12
SUPRAMAX FREIGHT MARKET FIRMED UP FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - This week all the segments gained and marked was firm in the Supramax and Handy size sector, where as the Cape and Panamax inde ...
Saturday, 23 June 12
COAL PRICES APPETITE FOR ROLLER-COASTER RIDES
COALspot.com - SGX AsiaClear OTC Coal Swaps have suffered something of a roller-coaster ride in terms of prices during this week. SGX’s Indone ...
Friday, 22 June 12
PRESENT SPOT WEAKNESS IS TEMPORARY, SEASONAL AND RISE AS WINTER APPROACHES - BUMI
COALspot.com - PT Bumi Resources Tbk, the world’s one of the largest coal producer and Indonesia’s largest multi grade coal miner has no ...
|
|
|
Showing 4681 to 4685 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Bhatia International Limited - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
|
| |
| |
|
