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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, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
Wednesday, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- The University of Queensland
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
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