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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, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
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- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
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