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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, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
Friday, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
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- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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