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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, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
Friday, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
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- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
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