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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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Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
Thursday, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
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- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Vedanta Resources Plc - India
- The University of Queensland
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
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