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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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Sunday, 09 October 11
FREIGHT MARKET ENDED WITH A POSITIVE DIRECTION - VISTAAR
COALspot.com - The market ended with a positive note with all the segments up except for handy size. The biggest gainer was Panamax index up by 11 p ...
Saturday, 08 October 11
INDONESIAN MINER PLANS $167M IPO TO FUEL SUMATRA COAL BOOM - JG
The Jakarta Globe reported that, coal miner Atlas Resources aims to raise as much as Rp 1.5 trillion ($167 million) in an initial public offering to ...
Friday, 07 October 11
MINING REGULATIONS , OBSTACLES AND GROWTH : INDIA VS INDONESIA - SUNIL K KUMBHAT
COALspot.com - The Govt of India has passed long pending Mines & Minerals (Regulation and Development) Bill, 2011, which seeks to replace ...
Friday, 07 October 11
$100M FOR EXPANSION INTO KALIMANTAN MINING: AKR
The Jakarta Globe, one of the leading English news paper in Indonesia reported that, AKR Corporindo, a fuel and chemical distributor, has set aside ...
Thursday, 06 October 11
REALM SECURES 51% OF KATINGAN RIA COAL PROJECT IN CENTRAL KALIMANTAN
•Realm secures 51% of PT Katingan Ria Thermal Coal Project in Central Kalimantan
•Realm takes ownership of Kalres Limited
•Acquisit ...
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- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
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