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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, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
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- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
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