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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, $55bn) has picked up to its busiest six months since 2014, surpassing full year 2020 orders (although steel prices and currency movements may make similar order intake in 2H more difficult for yards). However, the stellar S&P market achieved “top marks” with all time record transactions (>85m dwt, up 131% on 1H20 and 31% on 2H, and more than double the long term trend!). At this run rate, ~8% of the fleet will change ownership in 2021. We reported 12m dwt of demo, up 14% on 1H-20 but down 12% on 2H-20.
Those Extra Classes …..
With recovering activity, we estimate that shipping’s emissions have edged up slightly to ~840mt and 2.4% of global CO2. Given the “amplified” focus on energy transition and the developments at IMO (and pending announcements from the EU), let’s hope those extra “classes” on “green and tech” we recommended a few years ago have come in handy (over 25% of orders in 1H were for alternative fuelled vessels). Our continued best wishes from Clarksons Research.
Source: Clarksons Research
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Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Planning Commission, India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
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