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