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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 $50,000/day. Product tanker earnings have also eased back somewhat this year but remain above trend, as does our index of chemical tanker earnings. The best performer across shipping was the Ro-Ro market, continuing its improvement from 2015 and 60% above trend, with the Ferry and Cruise markets also generally positive.
So shipping is experiencing some of its toughest conditions since the financial crisis and, despite its many efforts, may well be heading for an appointment with the headmaster (the bankers?).
Have a nice day.
Source: Clarksons
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Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Economic Council, Georgia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
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