Tuesday 17 November 2015

Taking stock of aggregate demand

Live Mint
Recent data on output and prices along with corporate results for the recently concluded quarter shed fresh light on demand conditions. At best, this flow of information shows that demand is not too strong. At worst, confirmation that a cyclical rebound is well and truly entrenched remains elusive. First, October’s wholesale price index (WPI) shows the slide in core inflation (which excludes food and energy) is not yet arrested. Year-on-year deflationary pressures deepened in October (minus 2.06% against September’s 1.93%). However, there is a directional change in sequential momentum (three-month moving average), which indicates abating of the deflationary impetus over September-October. But it needs to be seen if this endures beyond the Dussehra-Diwali uptick. Also, once the base effects are fully eliminated early next year, it will be clearer whether weak prices are correlated with weak output (low demand) or simply driven by commodity prices (supply-side deflation pressures).

APM Terminals Pipavav launches second weekly double stack rail service

Myiris
APM Terminals Pipavav, one of western Indias fastest growing gateway ports, has commenced a new weekly double stack rail service to the industrial center in Faridabad in north India's Haryana State, near New Delhi. The dedicated double stack operations, which can efficiently carry two containers placed one on top of another in specially designed rail cars, will be operated in association with Gateway Rail and NYK India. Known as 'Sakura II', the service will operate between Pipavav Port and ICD-Faridabad (Piyala)/ICD-Garhi Harsaru, covering a distance of 1,015 km (630 miles) exclusively for Japanese NYK Shipping Line. The existing Sakura I dedicated double stack rail service, is operated by NYK exclusively for containers being imported by Maruti Suzuki India, the company said. Pipavav Port is currently moving block trains between Garhi Harsaru and Pipavav and between Ludhiana and Pipavav.

Looking for new routes to transport automobiles

Business Line
The automotive logistics companies are now keen on experimenting with coastal shipping and goods trains for transporting automobiles from factories to dealers, instead of transporting cars using road trailers. However, the logistics companies want the playing field to be levelled in terms of costs. The cost of transporting a small car from Chennai to Ahmedabad by road works out to 11,500 but if the same car is moved by a ship then the cost increases to 14,500. The companies have written to the Union Minister of Shipping and Surface Transport Nitin Gadkari seeking a subsidy linked to each vehicle delivered to the vendor, which will make the business viable. The recent Automotive Mission Plan (AMP) 2026 announced by the Centre has envisaged that in next 10 years, Indian automotive industry will grow three and a half to four times from the current value of $ 74 billion to $ 260 billion - $ 300 billion.

Essar Ports successfully delists at Rs133 per share

Live Mint
The Ruias-controlled Essar Ports Ltd will cease to exist as a publicly traded company as its promoters have successfully delisted the firm. JM Financial Institutional Ltd, manager to the delisting process, on Tuesday said that the delisting offer would be deemed to be successful. The delisting price was fixed at Rs.133 a share. Essar Ports, one of the largest private sector port companies in India by capacity and cargo traffic,had originally fixed the delisting price at Rs.90.50 and later revised it to Rs.93.50. However, that price was again revised to Rs.133 last week. Shares of Essar Ports gained 0.51% to Rs.129.20 on Tuesday on the BSE, while the benchmark Sensex gained 0.41% to close at 25,864.47 points. “The total outgo of the Essar Ports for delisting is around Rs.1,400 crore. The company has already made the necessary payments to shareholders.

Three lead Asia in port efficiency

Fiji Times
Asia's ports of Busan, Hong Kong and Ningbo have kept their lead in boxship turnaround efficiency as they required shorter waiting times at anchorages as compared with the rest of top 10 container ports from around the world for October, the latest analysis from IHS Maritime & Trade shows. The analysis was based on a review of the navigation records of 4703 full cellular container carriers, greater than 500 TEU. Even though waiting times at anchorages cannot perfectly reflect conditions of port congestion, average waiting hours per ship (AWT) serves as a useful indicator on ship turnaround efficiency at ports. In Asia-Pacific, the top four ports in September held their same positions in October in terms of the total number of sailings. Singapore remains the world's busiest port for sea-going containers. In the top 10 group, average waiting time (AWT) at Shanghai main ports, Kaohsiung and Qingdao, saw their waiting times increase that of others.

Hike in duty refund rates to help exporters: FIEO

DNA
Hike in duty refund rates would help boost shipments of sectors such as engineering and garments, exporters body FIEO said on Tuesday. The government yesterday raised duty refund rates on a host of items, including iron, steel, garments and marine products, with a view to promote exports which are on a decline for the past 11 months. "Increased customs rate of 2% to certain engineering items will help the exporters to neutralise the impact of import duty hike in steel used for export production," Federation of Indian Export Organizations (FIEO) President S C Ralhan said in a statement. Duty drawback is the refund of duties on imported inputs for export items. The increase in rates for items like frozen shrimps, prawns, perfumed agarbatti, finished leather, industrial gloves, millmade fibre yarn/fabric, readymade garments and hand-tools would also help these sectors, he said. However, he added that in the current situation of declining exports, exporters were expecting "better support".

Ship operating costs to rise over next two years

Hellenic Shipping News
The cost of operating cargo ships is forecast to rise over the next two years after falling in 2015, according to the latest Ship Operating Costs Annual Review and Forecast 2015/16 report published by global shipping consultancy Drewry. The average decline in ship operating costs across the sectors covered in the report in 2015 was 1.0%, but for ships that are big consumers of lube oils, the decline in overall costs was closer to 2%. Weak freight markets have forced ship owners to trim costs, while they have also been able to take advantage of falling commodity prices and lower insurance costs. “Operating costs are likely to rise in the future, as the scope for further cost cutting is in most cases quite limited. However, the expected increases in 2016 and 2017 are likely to be modest in nature as we anticipate only small rises in the cost of lube oils and other commodities;




Coming soon: Container shipping’s year of mergers in 2016

Seatrade Maritime
The next year will be crunch time for mergers and alliances in the liner shipping industry and a key event in that will be the imminent joining up of Cosco and China Shipping, which is “all but certain” said Odense Maritime Technology vice chairman Tom Behrens-Sorensen. He was among several speakers at the Asian Logistics and Maritime Conference in Hong Kong, which discussed the prospects for the liner shipping industry. There has traditionally been a resistance to mergers among shipping lines because of vested national interest, resulting in a still very fragmented market, Behrens-Sorensen added. However, in the case of these two China’s authorities are actually encouraging it. Behrens-Sorensen declared that “2016 will be a year for more national mergers starting with China”. Other mergers meanwhile will be driven by market forces, he said.

World's largest China-built con-ro vessel set for debut

Sea News
Atlantic Container Line's (ACL) G3 combination container/ro-ro (con-ro) vessels are being replaced by the innovative G4 generation after 30 years' service. The Chinese-built Atlantic Star, ranked as the world's largest combination (con-ro) vessel, is set for service entry this month on the North Atlantic's weekly service linking North America's eastern seaboard with northern Europe. The vessel has the added distinction of embodying a fundamentally different cargo-carrying configuration to that hitherto employed in con-ro ships. The design thinking encapsulated by the project underscores a commitment to innovation that has permeated the 50-year history of ACL, wholly-owned by Italian ro-ro specialist Grimaldi since 2007, the Motorship reported. The transatlantic operation caters for containers, project and oversized cargo, heavy equipment, all types of vehicles, block-stowed general cargo and hazardous goods.

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