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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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Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
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- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
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