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.
|
|
Monday, 28 November 11
CITING CONTRACTS, MINING FIRMS ARE NOT PAYING ROYALTIES UNDER LAW - THE JAKARTA POST
The Jakarta Post reported that, when the 2009 Law on Minerals and Coal was endorsed, hopes that Indonesia could maximize its revenue from the minera ...
Monday, 28 November 11
NEW ENVIRONMENTAL MARINE REGULATIONS TO IMPACT SHIPPING IN 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
August of next year will see some major changes for marine navigation. It’s when the North American ECA will come into force, introducing a 1% ...
Sunday, 27 November 11
INDIA'S KPCL TO IMPORT 50 MMT OF COAL FOR 10 YEARS
COALspot.com - Karnataka Power Corporation Limited (KPCL) will buy 5 million metric tonnes of coal annually for 10 years starting from 2015.
In a ...
Saturday, 26 November 11
INDIAN PORTS ARE BECOME COAL STOCKPILES..!!
COALspot.com - The Indian coal stocks and power tariff situation is the hot topic among the world coal producers as well as Indian coal importers.&n ...
Saturday, 26 November 11
THE FREIGHT MARKETS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market were down probably with the sentiments of global financial markets and all segments were down.
The BDI was up down by 4 ...
|
|
|
Showing 4956 to 4960 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Aditya Birla Group - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
|
| |
| |
|
