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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, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
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