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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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Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
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- MS Steel International - UAE
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
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