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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, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Tuesday, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- White Energy Company Limited
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- The University of Queensland
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
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