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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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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
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- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
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