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Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
 It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports to anxious parents. With the spread of challenges facing the industry, it’s unlikely the shipping markets would achieve many top grades. However some sectors might still achieve an “A” for effort and this week’s analysis reviews the markets’ performance in the first half.
Must Do Better!
Our Graph of the Week compares performance in the first half of 2016 to the averages since the financial crisis, as a barometer of performance against trend. First on the graph is the ClarkSea Index, our average earnings index covering all major sectors, which is 18% down on the average since 2009 and 30% compared to 1H 2015. The index actually finished the mid-year at just $8,575/day, close to its all time low of $7,444/day. Clearly room for improvement.
Heading For Re-Sits?
With widely reported historical lows in the bulker sector in the first half, Capes averaged below $5,000/day in 1H 2016, some 76% below the average since 2009. Containerships fared little better, slumping to 54% below trend while offshore rates were also almost 50% down on trend and generally hovering around OPEX levels. The prevalence of lay-up and stacking makes offshore arguably the most challenged sector at present. LPG rates also moved below trend, with VLGCs averaging $32,000/day, albeit following their stellar performance of 2015. Meanwhile trade is heading towards more muted growth with an expectation of 2.2% in 2016 compared to a trend rate of 3.2%.
“A” For Effort
Reduced fleet growth (1% to reach 1.8 bn dwt), increased demolition and extremely limited newbuild orders should all get an “A” for effort. Although demolition of 29m dwt was slightly below 1H 2012 levels, it was 43% above trend. However orders of 18m dwt and $16bn constituted a 35-year low and 68% down on the average since 2009 (lower than the 19.1m dwt in 1H 2009 and lower still if the Valemax orders of 12m dwt are excluded). Further pain for the shipyards and pressure on newbuild prices seems likely as the year progresses. Sale and Purchase activity was well down in value terms but marginally above trend by tonnage, reflecting the strong buying appetite for bulkers (bulker sales of 21m dwt in 1H 2016, the highest tonnage figure since 1H 2007).
Keep Up The Good Work
Although they eased back during the first half, tanker earnings continued to perform above trend with VLCC rates still averaging around $50,000/day. Product tanker earnings have also eased back somewhat this year but remain above trend, as does our index of chemical tanker earnings. The best performer across shipping was the Ro-Ro market, continuing its improvement from 2015 and 60% above trend, with the Ferry and Cruise markets also generally positive.
So shipping is experiencing some of its toughest conditions since the financial crisis and, despite its many efforts, may well be heading for an appointment with the headmaster (the bankers?).
Have a nice day.
Source: Clarksons
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Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
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- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
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