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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, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
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