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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, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
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