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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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Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
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