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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, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
Monday, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
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- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Planning Commission, India
- The University of Queensland
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
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