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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Planning Commission, India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
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