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