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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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Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Australian Coal Association
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Planning Commission, India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
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