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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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Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- The University of Queensland
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
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