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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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Tuesday, 18 October 16
COAL PRICES KEPT CLIMBING
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, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
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- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Minerals Council of Australia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
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