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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Bhushan Steel Limited - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
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