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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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Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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 ...
Friday, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
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- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Planning Commission, India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
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