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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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- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
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