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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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Monday, 20 June 16
THE BDI HAS FELL 23 POINTS WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined this past week. The BDI was fell 3.77 percent fr ...
Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in ...
Friday, 17 June 16
KOMIPO INVITES BIDS FOR BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Friday, 17 June 16
U.S WEEKLY COAL PRODUCTION UP 7.7% - EIA
COALspot.com – U.S., the world’s one of the largest coal producer has produced approximately totalled an estimated 12.9 million short t ...
Wednesday, 15 June 16
THE DRY BULK PRICES CORRECTED UPWARDS ROUGHLY 15% - KONSTANTINOS KONTOMICHIS
Once more, the international shipping community turned its attention to Greece and more specifically to Attica that hosted Posidonia, the biggest m ...
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- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- White Energy Company Limited
- Australian Coal Association
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
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