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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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Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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Showing 2426 to 2430 news of total 6871 |
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- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
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