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Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
 A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional individual markets. While previous years’ reports have mentioned “must do better” or “extra classes needed”, even the toughest of examiners would congratulate (tankers aside!?) shipping’s economic performance during the many continued challenges of the pandemic.
Grading the Segments
Our cross-sector ClarkSea Index averaged an encouraging $20,717/day in 1H, up 27% y-o-y and 64% above trend (since 2009, see graph). This also represents the strongest six months for the index since the “heady” days of 2008. The star performer has been the “red hot” container market which has seen record highs, while bulkers also deserve a merit award with their best half year since 2010. LPG earnings were down on 2020 averages but still 21% above trend while LNG, despite some ups and downs, were close to trend. Although there are mitigating circumstances (oil trade is still down 10% on pre-Covid levels and floating storage has “unwound”) tanker earnings averaged their lowest half year period for 30+ years and will be hoping for improvements after the summer. Car carriers have picked up nicely to move 5% above trend (impressive as rates touched all-time lows last year) while Ro-Ro freight has also shown resilience. Offshore oil and gas has improved but still remained ~30% below trend (for a North Sea PSV)
Demand Improvements…
After “losing” ~500mt of trade in 2020, we now estimate that volumes have returned to pre-pandemic levels (in May-20 trade was down 12%). Again a special commendation to containers, with a combination of pent up demand, shifts in consumer spending and economic recovery supporting projected trade of 207m TEU this year, up 6% on 2020. Balancing economic recovery, stimulus, further Covid19 waves and uncertainty over the duration of “supportive” disruption, we project over 12bt of total seaborne trade in 2021.
Supply “Favourable”?
In our previous review, we gave shipping supply an “A for effort”, reflecting on an orderbook under 10% of the fleet (it’s still 8%). Fleet growth of 1.7% in 1H (growth of 36m dwt) remains below trend, although newbuild ordering (24m CGT, $55bn) has picked up to its busiest six months since 2014, surpassing full year 2020 orders (although steel prices and currency movements may make similar order intake in 2H more difficult for yards). However, the stellar S&P market achieved “top marks” with all time record transactions (>85m dwt, up 131% on 1H20 and 31% on 2H, and more than double the long term trend!). At this run rate, ~8% of the fleet will change ownership in 2021. We reported 12m dwt of demo, up 14% on 1H-20 but down 12% on 2H-20.
Those Extra Classes …..
With recovering activity, we estimate that shipping’s emissions have edged up slightly to ~840mt and 2.4% of global CO2. Given the “amplified” focus on energy transition and the developments at IMO (and pending announcements from the EU), let’s hope those extra “classes” on “green and tech” we recommended a few years ago have come in handy (over 25% of orders in 1H were for alternative fuelled vessels). Our continued best wishes from Clarksons Research.
Source: Clarksons Research
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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- The University of Queensland
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Australian Coal Association
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
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