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Thursday, 19 April 12
WILLIS MARINE MARKET REVIEW FORECASTS ANOTHER DIFFICULT YEAR - WILLIS GLOBAL MARINE / HELLENIC SHIPPING
 After an inauspicious start, 2012 could well be "another difficult and uncertain year for the maritime industry faced with the aftermath of the Costa Concordia, further problems in the euro zone, pirate attacks and increased sanctions," according to Willis Global Marine, part of Willis Group Holdings.The latest Willis Marine Market Review reveals that the” hull market is in a state of flux following the Costa Concordia disaster in January. Some underwriters in the London insurance market, which will bear the majority of the estimated $500 million hull claim, are adamantly refusing premium reductions or even flat renewals. However, unaffected underwriters in the Far East and Scandinavia are more open to negotiations.
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“Marine liability underwriters meanwhile are hoping the disaster drives through a general hardening of rates, with many seeking 5 percent increases going forward. ”
However, as far as cargo insurance is concerned, the report notes that “buyers continue to enjoy the benefits of a soft market, achieving reductions in both premium and deductibles, as well as increases in limits, at little or no additional cost. Despite ever-dwindling returns to insurers, competition for business remains fierce with a flurry of new entrants creating excess capacity.”
Piracy remains a major concern, as cargo underwriters continue to be affected by what Willis said “continues to blight the shipping industry with no clear resolution in sight.” This is despite the fact that “security measures taken by ship-owners are increasingly effective with less than 20 percent of attacks successful in 2011.” However, the report notes, “this has only served to increase the demands and expectations of those attacks that do occur with total ransoms increasing 77 percent from 2010.”
Alistair Rivers, CEO of Willis Global Marine, commented: “For many marine insurers the year began badly with the loss of the Costa Concordia cruise liner. It was a timely reminder that 100 years on from the loss of the Titanic, disasters on this scale are still possible despite all the industrial and technological advancements. But while this loss may have stiffened the hull market, the long term impact is questionable. The P&I and Liability aspects of this loss will be of far greater significance to insurers as matters evolve throughout the year.
“However, a truly hard market is a mirage as long as capital providers are prepared to tolerate marginal returns from their hull and machinery book. These are difficult times for the maritime industry: world shipping is in recession; the economic turmoil continues to dampen demand; pirates are seizing property and crew; and increased sanctions demand further resources and attention. But maritime trade has seen and overcome similar challenges in the past and the entrepreneurial spirit that drives the industry remains intact.”
The Marine Review describes this years’ February P&I renewals as “disproportionately confrontational and protracted as ship-owners operating in one of the worst economic environments for a generation contested even inflationary increases from Clubs. On average, rate increases of 4 percent were achieved.
“Excess capacity in the Asian marine insurance market is putting pressure on rates as local and foreign insurers compete for market share. Asia is now home to around half of the world’s merchant fleet, 14 of the top 20 ports and three of the largest ship building nations.
“In the commodity insurance market, underwriters are responding to commodity price volatility by tightening clauses and scrutinizing policy wordings with prices edging up for technically unsound risks.
“Rates continue to slide in the Super Yacht insurance market due to a combination of modest loss ratios, underperformance in the hull market and increased capacity. The economic problems in the euro zone have also caused some Super Yacht owners, particularly in the US, to scrutinize the stability of European insurance markets.”
Source: Willis Global Marine / Hellenic Shipping
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Tuesday, 15 May 12
POTENTIAL BOOM OF CHINAS COAL IMPORTS COULD PROVIDE FURTHER SUPPORT TO DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been moving sideways during the past week with the industry’s benchmark, the Baltic Dry Index (BDI) losing 0.53% on th ...
Saturday, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
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- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
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