We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 26 October 11
PWCS GLOBAL SHIPPING BENCHMARKING ANALYSIS: RECOVERY IN 2010 BUT GREAT UNCERTAINLY FOR 2011
 The recovery of global trade in 2010 to the same levels as 2008 led to an improvement in the overall performance of shipping companies in 2010 compared to 2009, according to the 2010 Global Shipping Benchmarking Analysis of PwC. But this does not mean that the shipping industry is on a safe path to recovery, since the deteriorating economic situation in Europe and the US have increased volatility and market uncertainty, impacting shipping companies’ performance as reflected in their reported results in the first half of 2011, which have been worse than the same period in 2010.
In its global benchmarking analysis, which is in its third year of publication, PwC has analyzed certain key performance indicators (KPIs) of 150 shipping companies from around the world. The results are based on an analysis of their published annual reports over the last five years including 2010. The analysis covers both quantitative and qualitative information and gives an insight into how these companies are facing recent challenges and the main drivers of performance in the shipping industry.
The analysis shows that the Container and the Dry Bulk subsectors were the best performers in 2010, while the Tanker subsector was the worst performer. With the exception of net debt ratio and the ratio of net fixed assets to sales ratio, all financial performance indicators stabilized or improved in 2010 compared to 2009.
Socrates Leptos-Bourgi, Partner of PwC in Greece and the PwC Global Shipping & Ports Leader, says: “We’ve seen improvements in freight rates across all trades in 2010, which combined with cost savings implemented in 2009, have improved the reported profitability of shipping companies in 2010. How good or bad things will get in the future depends on how well the world economy copes with the post financial crisis problems that the US is facing, the resolution of the European sovereign debt crisis, the challenge of rebuilding northern Japan and the prospects of the Chinese economy. However, given the pressures caused from the supply of new tonnage in the shipping markets, it will require an extraordinary performance on all accounts to bring the shipping industry back to a period where returns become relatively attractive again.”
While the world economy is still fragile, with increasing volatility and uncertainty prevalent across many sectors, businesses continue to face tightening credit conditions and limited liquidity. Financial institutions have toughened their positions, both in existing exposures and when making new facilities available. Under these conditions many companies were forced to restructure their loan facilities in an attempt to rectify existing issues with their facilities or in preparing for a tougher year ahead.
Approximately 60% of the container vessel owners covered by our analysis have reported restructuring of their loan obligations during 2010. The corresponding percentage for the dry bulk sector was 29% and for the tanker sector 12%. But significantly less owners foresee debt restructuring in 2011.
Second hand vessel sale & purchase activity was significantly lower in 2010 than in 2009. The number of reported sales was down by close to 20% compared to 2009. Vessel values were under pressure reflecting a weaker freight market, an increasing concern about the order book and in general a large number of potential sales candidates. The survey results demonstrate that asset impairments are at lower levels in 2010 compared to 2009 in most sectors, but especially in the dry bulk and tanker sectors. The container sector reported the largest share of impairments on vessels in 2010, with 42% of the companies incurring impairment losses.
Our analysis shows clearly lower levels of shipbuilding cancellations in 2010 compared to 2009. Especially in the dry bulk sector there was a dramatic reduction of vessel cancellations among the companies we have covered. The reduced shipbuilding cancellations were accompanied with a resumption of ordering activity. This may have been the result increasing cargo demand, the firming of freight rates and low newbuilding prices. Especially for the dry bulk sector the number of orders for new vessels increased two-fold. This trend is expected to change in 2011 as the lower growth in world trade and the increase newbuilding deliveries is likely to divert ship owners’ interest to other subsectors such as gas (LPG or LNG) carriers.
According to our analysis, the newbuilding ratio (calculated as the number of vessels on order divided by the number of vessels operated for all companies in our sample) stands at 25% for dry bulk vessels, 7% for tankers and 10% for containerships. However, these newbuilding ratios are significantly lower than those for the whole shipping market. We believe this is reflective of the fact that most of the companies in our sample are listed and, being accountable to a number of shareholders in the public markets, tend to follow more conservative strategies, while private companies have more risk tolerance and tend to take a more aggressive view of the market.
Finally, scrapping activity declined in 2010, despite very strong scrap prices and relatively weak hire rates. Looking at the dry bulk sector, scrapping activity was negligible in the second half of 2010. However, this trend is likely to change as the container and tanker sectors are under severe pressure from freight rates that declined to levels close to or below operating break-even levels and scrap prices remaining at attractive levels.
Source: PriceWaterHouseCoopers / Hellenic Shipping
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
|
|
|
Showing 761 to 765 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Wilmar Investment Holdings
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
|
| |
| |
|
