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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, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
Tuesday, 02 August 16
INDONESIAN CS COAL INDICES STAY POSITIVE
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.71% week over week to averaging $41.12 per ton this past week, shows CS (i) C ...
Monday, 01 August 16
4200 GAR INDONESIAN COAL PRICE MAY TOUCH $ 32/33 A TON LEVELS SOON
COALspot.com: Indonesian coal prices are likely surge further in 2016 as the recent price movement in Indonesian coal markets suggests that the mar ...
Monday, 01 August 16
BALTIC INDEX ENDED NEGATIVE NOTE THIS PAST WEEK ON WEAKER RATES ACROSS ALL LARGE VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape, Panamax and Supramax segments end ...
Friday, 29 July 16
U.S. COAL OUTPUT SLIPS SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 15 million short tons ( ...
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- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Deloitte Consulting - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
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