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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 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
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- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
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