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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, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
Monday, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
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- Barasentosa Lestari - Indonesia
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- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
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- Electricity Authority, New Zealand
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- Africa Commodities Group - South Africa
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- Chamber of Mines of South Africa
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- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Parliament of New Zealand
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- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
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- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
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- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
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- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
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- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
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- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
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- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
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- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
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- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
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- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
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- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
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- ICICI Bank Limited - India
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- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- The University of Queensland
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
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- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
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- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
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- Aboitiz Power Corporation - Philippines
- Planning Commission, India
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- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
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- Asmin Koalindo Tuhup - Indonesia
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