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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, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
Monday, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
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- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
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