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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
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Tuesday, 01 November 11
ATLAS RESOURCES SETS IPO AT RP1,500 - INSIDER STORIES
Insider Stories reported that, coal miner PT Atlas Resources Tbk has set its initial public offering (IPO) at Rp1,500 (approximately US$ 0.169) per ...
Tuesday, 01 November 11
DRY BULK MARKETS CORRECTION SPILLS OVER ONTO NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is losing steam, as evidenced by the falls experienced last week, which were also apparent at the beginning of the new week. A l ...
Monday, 31 October 11
CHINAS HUNGER FOR INDONESIAN COAL AT THREE YEAR-HIGH AS WINTER NEARS - JOSEPH KIRSCHKE
COALspot.com - Chinese demand for power-station coal from Indonesia has soared to its highest level in three years, as central heating plants and po ...
Saturday, 29 October 11
ATLAS RESOURCES SEALS US$95 MIO LOAN - INSIDER STORIES
Insider Stories reported that, coal producer PT Atlas Resources Tbk, that is controlled by Indonesian businessman Andre Abdi, has secured US$95 mill ...
Saturday, 29 October 11
INDONESIA TO INDIA FREIGHT LIKELY TO REMAIN SOFT
COALspot.com - The market continued to slow down and all segment were down this week.
The biggest drop was in the Cape Index down by 8.19 pct&nbs ...
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- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- The University of Queensland
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
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