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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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Tuesday, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
Monday, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
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- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- ASAPP Information Group - India
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