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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, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Australian Coal Association
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Planning Commission, India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
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