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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, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Wednesday, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
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- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- The University of Queensland
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
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