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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, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
Thursday, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
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- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- The University of Queensland
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
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