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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, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
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, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
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- Central Electricity Authority - India
- Australian Coal Association
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
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