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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, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
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- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Minerals Council of Australia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
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