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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, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
Wednesday, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this t ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
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