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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, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
Friday, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
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- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Planning Commission, India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
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