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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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Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
Monday, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
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- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
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