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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, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Australian Coal Association
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- ASAPP Information Group - India
- The University of Queensland
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Kumho Petrochemical, South Korea
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