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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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Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
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- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- MS Steel International - UAE
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