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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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Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
Friday, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
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- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
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