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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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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
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 ...
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- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
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