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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
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- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
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