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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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Thursday, 11 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Tuesday, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
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- Aditya Birla Group - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- White Energy Company Limited
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
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