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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, 06 October 11
SOUTH EAST ASIAS AGGRESSIVE POWER DEMAND GROWTH WILL REQUIRE INVESTMENT OF US$125 BN BY 2020 - WOOD MACKENZIE
COALspot.com - Wood Mackenzie says that South East Asia’s demand growth for new power generation is so aggressive that new power generation in ...
Thursday, 06 October 11
CHINESE DEMAND FOR COAL IMPORTS TO MODERATE IN 2012 - MISWIN MAHESH
COALspot.com - We expect Chinese demand growth for imported steam coal to moderate over the next year. Steam coal imports into China will modera ...
Wednesday, 05 October 11
MINISTRY STICKING TO RAW COMMODITY EXPORT BAN DESPITE INDUSTRY FEARS - JG
The Jakarta Globe, the one of the leading English news paper in Indonesia, reported that, the details of a controversial new regulation that would b ...
Wednesday, 05 October 11
ATLANTIC AND PACIFIC BASINS BECAME TIGHTER FOR PANAMAX LAST WEEK - BRS
A slump for both the Capes and Panamaxes sent the BDI down 1% this week, falling to 1,899 points.
The Capes saw the greatest movement, sliding - ...
Wednesday, 05 October 11
WITH CHINA ON HOLIDAY, DRY BULK MARKET REMAINS STAGNANT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has remained to healthy levels after last month’s rally, but with China going on holiday this week, things are looking sta ...
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- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- White Energy Company Limited
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
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