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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, 01 May 12
VIETNAM FEARS IT MAY NOT SEEK COAL SUPPLIES - TBKTSG / VIETNAMNET BRIDGE
TBKTSG / VietNamNet Bridge reported that, with five coal-run thermopower plants under construction, PetroVietnam alone would need 18 million tons of ...
Sunday, 29 April 12
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The BDI continued to go up with the support of Panamax/Supramax and was up by 8.34 pct closing at 1,156 points.
The cape index was ...
Sunday, 29 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS FOR MAY 2012 DELIVERY WAS STABLE THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps for May deliveries stable this week, according to DSP of SGX AsiaClear OTC Coal Swaps. In the me ...
Friday, 27 April 12
BUKIT ASAMS NET INCOME UP 14% IN 1Q 2012 (UNAUDITED)
Press Release - PT Bukit Asam (Persero) Tbk, announced the Consolidated Financial Statements and Subsidiaries per 31 March 2012 (Unaudited).
Reve ...
Thursday, 26 April 12
AUSTRALIAS COKAL EXPANDS MET COAL POTENTIAL INTO WEST KALIMANTAN
COALspot.com - Global metallurgical coal group Cokal Limited (Cokal) (ASX:CKA) announced today it has completed the acquisition of 75.2% of PT Silan ...
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- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- White Energy Company Limited
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Australian Coal Association
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
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