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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, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
Friday, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
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- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
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