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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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Friday, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
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- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
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