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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, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- VISA Power Limited - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
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