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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, 20 April 12
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A rebound of demand for smaller dry bulk carriers has led the industry’s benchmark, the BDI (Baltic Dry Index) above the 1,000-point mark for ...
Friday, 20 April 12
BUMA HAS PRODUCED 2.6 MILLION TONS OF COAL IN MARCH 2012
COALspot.com - BUMA has removed 28.0 million bcm (+6.4% YoY) of overburden in March 2012 while coal production was at 2.6 million tons (+1.3% YoY).
...
Thursday, 19 April 12
FRESH COAL SALES FROM JATENERGYS JONGKANG MINES
COALspot.com - Energy company Jatenergy Ltd (ASX code JAT) announced today that it had signed a contract for an 11,000 tonne coal sale due for shipm ...
Thursday, 19 April 12
HANDY - 'POSITIVE TREND', PANAMAX - 'A FIRMER TENDENCY', CAPESIZE - 'AGAIN NEGATIVE'
Handy
The positive trend from last week continued, with more cargoes entering the market. Skaw/Passero del fixed tick above USD 4000 for US Gulf di ...
Wednesday, 18 April 12
INDONESIA TO INTRODUCE EXPORT DUTY ON MINERAL ORES BY 6 MAY 2012
The Indonesian government is scheduled to issue regulation on export duty for minerals before May 6, 2012.
According to Bisnis Indonesia, as quot ...
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- White Energy Company Limited
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Parliament of New Zealand
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
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