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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, 02 May 16
INDIA'S GANGAVARAM PORT SETS ALL INDIA RECORD FOR NON-COKING COAL DISCHARGE
COALspot.com: Gangavaram Port, the deepest and the most modern port in India, has created yet another historical milestone record by discharging 15 ...
Monday, 02 May 16
CS (I) 5000 GAR COAL INDEX CLOSES 0.11% HIGHER, 5700 GAR COAL RISES 0.07% W/W
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.28 percent week over week to averaging $38.78 per ton on this past Friday, acco ...
Monday, 02 May 16
FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Saturday, 30 April 16
40 YEARS OF HANDLING COAL AT THE BTW IN WILHELMSHAVEN UNDER THE RHENUS FLAG
Press Release: The first bulk carrier with coal on board docked at the Bulk Terminal Wilhelmshaven (BTW), which is operated by Rhenus Midgar ...
Friday, 29 April 16
U.S. COAL IMPORTS IN Q4' 15 DECLINED TO 2.7 MMST FROM 3 MMST IN Q3' 15
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.3 million short tons (mm ...
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- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Australian Coal Association
- The Treasury - Australian Government
- PTC India Limited - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Parliament of New Zealand
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
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