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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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Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
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- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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