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