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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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Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
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Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
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- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
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