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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, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
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- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- VISA Power Limited - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
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