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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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Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- The University of Queensland
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- White Energy Company Limited
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
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