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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, 18 October 11
INDONESIAN PRESIDENT APPOINTS JERO WACIK AS NEW MINISTER OF ENERGY & MINERAL RESOURCES
COALspot.com - Jero Wacik has been appointed as minister of energy and mineral resources of Indonesia replacing Darwin Saleh and Prof. Widjajono Par ...
Tuesday, 18 October 11
DELTA DUNIA MAKMUR HAS PRODUCED 3.0 MILLION TONS OF COAL LAST MONTH
COALspot.com - PT. Delta Dunia Makmur, wholly owned subsidiary, PT Bukit Makmur Mandiri Utama (BUMA), Delta Dunia Makmur has removed 1.4 million bcm ...
Monday, 17 October 11
KOWEPO TO BUY 260,000 MT BITUMINOUS COAL
COALspot.com - KOWEPO has issued a spot tender for 260,000MT of minimum 5,600kcal/kg NAR Bituminous Coal.
The tender document also mentioned tha ...
Monday, 17 October 11
CAPESIZE SHIPPING COSTS CLIMB TO 10-MONTH HIGH ON ORE IMPORTS
The cost to hire capesize vessels climbed to a 10-month high as rising imports of iron ore to China boosted demand for the ships.Monthly iron-ore sh ...
Saturday, 15 October 11
BUNKER PRICES AND DEMANDS PUSHED FREIGHT RATES UP - VISTAAR
COALspot.com - The market continued to be firm with all segments moving up with biggest gain in Handy size segment up by 15 pct. The BDI was u ...
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- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
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