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