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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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Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
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- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
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