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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 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
Tuesday, 21 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
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- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- The University of Queensland
- GMR Energy Limited - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
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