We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
 On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. To a shipping industry used to extreme cycles but transitioning to recession with rapid trade collapse and a huge newbuilding orderbook the initial shock was severe and the “hangover” prolonged. This week’s Analysis compares the situation almost ten years to the day.
Bye Bye Boom… Even for an industry well used to severe cycles (and with warning signals if you looked hard enough), after five years of freight rates sustained at levels not seen for a century, the transition to recession after Lehman was dramatic. The most catastrophic collapse was in Capesize. From surging to a frenzied $300,000/day in June 2008 (fanned by a $180/t iron ore price, stockpiling and congestion) earnings collapsed to $6,000/day in October and $2,000/day in November. Initially the tanker market was more stable, helped by single hull conversion and trader storage, while the container market saw 12% of the fleet laid up by late-2009.
Not The 80s Revisited? As our graph shows, unsurprisingly rates and prices today sit well below the week preceding Lehman. But although the shipping recession has felt prolonged, it’s been far from a “dead” decade with surprising upside at times. Even in 2009, Capesize earnings rose to $70,000/day as China’s steel output yo-yoed. There were also spikes in LNG (2012), LPG (2014-5), tankers (2015) and offshore (2013-14); and heavy (over!) newbuild ordering (2010, 2013) and record years for S&P (2017), so plenty of business has been done, helped by low interest rates. Arguably the container sector has had the most pain (but it’s a close call, and spare a thought for the bankers?).
Shipyard Surge…
Although shipyard output has dropped by 16% over the ten years (to 80m dwt), that’s far from the whole story! Having built up a record backlog (c.650m dwt, a daunting 55% of the fleet) and at prices that “on paper” were very profitable, the unravelling of the financial and contractual complexities became an appallingly complex task (especially with 30% of the capacity involved “greenfield”, and financial structures such as the KG). With analysts tracking cancellation and slippage closely, shipyard production eventually peaked in 2011 (the fastest output growth in peace time). At times fleet growth has felt relentless (peaking at 9% in 2011, a more helpful 2.6% in 2018) as shipbuilding has worked through its overcapacity. Although demolition has doubled in the ten years since, the world fleet is still a staggering 67% larger today (1.96m dwt!) than at the onset of the financial crisis.
Trading Up?
The immediate sea trade deterioration was severe, with volumes declining for only the second time in 30 years in 2009 (by 4%, with oil down 3%, dry bulk down 3% and containers down 9%). Trends since have been more encouraging, with a 38% increase (exactly the same % as GDP growth) to 12.0bn tonnes (big winners include dry bulk (+1.7bt), supported by a series of Chinese fiscal stimulus and infrastructure investments). After a “tough” ten years, that’s a more positive note to end on! Have a better decade!
Source: Clarksons Research
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
|
|
|
Showing 1611 to 1615 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Planning Commission, India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
|
| |
| |
|
