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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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Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
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- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Australian Coal Association
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
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