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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
|
|
|
Showing 766 to 770 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Australian Coal Association
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
|
| |
| |
|
