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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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Thursday, 10 November 16
WILL TRUMP VICTORY PROVIDE A BOOST FOR HYDROCARBON & COAL INDUSTRIES? - DOUGLAS-WESTWOOD
Donald Trump’s surprise victory ends months of an adversarial presidential campaign with bitter disagreements between the two major candidate ...
Thursday, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
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- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- White Energy Company Limited
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
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