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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, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- White Energy Company Limited
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Thiess Contractors Indonesia
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