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