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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, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
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- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- The University of Queensland
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
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