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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, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
Thursday, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
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- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Planning Commission, India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
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