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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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Thursday, 20 October 11
BRACKEN INTERNATIONAL MINING LISTS ON FRANKFURT STOCK EXCHANGE
Press Release - Bracken International Mining (Code:1BM) listed on the Deutsche Börse’s Frankfurt Stock Exchange today at €1.00 with ...
Thursday, 20 October 11
CAPESIZES, SUPRAMAXES LEAD GAINS FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Struggling to find additional support, but still managing to post gains, the dry bulk market has stabilized itself on higher levels again yesterday, ...
Wednesday, 19 October 11
METALLURGICAL COAL PRICES TO DROP BELOW US$240/TONNE - WOOD MACKENZIE
Wood Mackenzie Says Metallurgical Coal Prices to Drop Below US$240/tonne by Q4 2012 But Long-term Demand Fundamentals Remain Robust
Wood Mackenzi ...
Wednesday, 19 October 11
SUPRAMAX MARKET WAS VERY FIRM LAST WEEK - BRS
With all sectors contributing positively, the BDI ended the week at 2,173 points (+8.6%), its highest level so far in 2011. The BCI stood at 3,587 ( ...
Wednesday, 19 October 11
ADARO ACQUIRES BUKIT ENIM ENERGI - INSIDER STORIES
Insider Stories reported that, Coal miner PT Adaro Energy Tbk, via its subsidiary dubbed PT Alam Tri Abadi, today revealed a 46% stake takeover of a ...
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- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Deloitte Consulting - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
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