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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, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
Friday, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
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- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- The University of Queensland
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
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