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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, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
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- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Videocon Industries ltd - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
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