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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, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
Monday, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY 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 ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
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- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Australian Coal Association
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Parliament of New Zealand
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- The University of Queensland
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
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