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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, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
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- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
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- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
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