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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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- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
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