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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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Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
Friday, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
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- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
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