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Wednesday, 26 October 11
PWCS GLOBAL SHIPPING BENCHMARKING ANALYSIS: RECOVERY IN 2010 BUT GREAT UNCERTAINLY FOR 2011
 The recovery of global trade in 2010 to the same levels as 2008 led to an improvement in the overall performance of shipping companies in 2010 compared to 2009, according to the 2010 Global Shipping Benchmarking Analysis of PwC. But this does not mean that the shipping industry is on a safe path to recovery, since the deteriorating economic situation in Europe and the US have increased volatility and market uncertainty, impacting shipping companies’ performance as reflected in their reported results in the first half of 2011, which have been worse than the same period in 2010.
In its global benchmarking analysis, which is in its third year of publication, PwC has analyzed certain key performance indicators (KPIs) of 150 shipping companies from around the world. The results are based on an analysis of their published annual reports over the last five years including 2010. The analysis covers both quantitative and qualitative information and gives an insight into how these companies are facing recent challenges and the main drivers of performance in the shipping industry.
The analysis shows that the Container and the Dry Bulk subsectors were the best performers in 2010, while the Tanker subsector was the worst performer. With the exception of net debt ratio and the ratio of net fixed assets to sales ratio, all financial performance indicators stabilized or improved in 2010 compared to 2009.
Socrates Leptos-Bourgi, Partner of PwC in Greece and the PwC Global Shipping & Ports Leader, says: “We’ve seen improvements in freight rates across all trades in 2010, which combined with cost savings implemented in 2009, have improved the reported profitability of shipping companies in 2010. How good or bad things will get in the future depends on how well the world economy copes with the post financial crisis problems that the US is facing, the resolution of the European sovereign debt crisis, the challenge of rebuilding northern Japan and the prospects of the Chinese economy. However, given the pressures caused from the supply of new tonnage in the shipping markets, it will require an extraordinary performance on all accounts to bring the shipping industry back to a period where returns become relatively attractive again.”
While the world economy is still fragile, with increasing volatility and uncertainty prevalent across many sectors, businesses continue to face tightening credit conditions and limited liquidity. Financial institutions have toughened their positions, both in existing exposures and when making new facilities available. Under these conditions many companies were forced to restructure their loan facilities in an attempt to rectify existing issues with their facilities or in preparing for a tougher year ahead.
Approximately 60% of the container vessel owners covered by our analysis have reported restructuring of their loan obligations during 2010. The corresponding percentage for the dry bulk sector was 29% and for the tanker sector 12%. But significantly less owners foresee debt restructuring in 2011.
Second hand vessel sale & purchase activity was significantly lower in 2010 than in 2009. The number of reported sales was down by close to 20% compared to 2009. Vessel values were under pressure reflecting a weaker freight market, an increasing concern about the order book and in general a large number of potential sales candidates. The survey results demonstrate that asset impairments are at lower levels in 2010 compared to 2009 in most sectors, but especially in the dry bulk and tanker sectors. The container sector reported the largest share of impairments on vessels in 2010, with 42% of the companies incurring impairment losses.
Our analysis shows clearly lower levels of shipbuilding cancellations in 2010 compared to 2009. Especially in the dry bulk sector there was a dramatic reduction of vessel cancellations among the companies we have covered. The reduced shipbuilding cancellations were accompanied with a resumption of ordering activity. This may have been the result increasing cargo demand, the firming of freight rates and low newbuilding prices. Especially for the dry bulk sector the number of orders for new vessels increased two-fold. This trend is expected to change in 2011 as the lower growth in world trade and the increase newbuilding deliveries is likely to divert ship owners’ interest to other subsectors such as gas (LPG or LNG) carriers.
According to our analysis, the newbuilding ratio (calculated as the number of vessels on order divided by the number of vessels operated for all companies in our sample) stands at 25% for dry bulk vessels, 7% for tankers and 10% for containerships. However, these newbuilding ratios are significantly lower than those for the whole shipping market. We believe this is reflective of the fact that most of the companies in our sample are listed and, being accountable to a number of shareholders in the public markets, tend to follow more conservative strategies, while private companies have more risk tolerance and tend to take a more aggressive view of the market.
Finally, scrapping activity declined in 2010, despite very strong scrap prices and relatively weak hire rates. Looking at the dry bulk sector, scrapping activity was negligible in the second half of 2010. However, this trend is likely to change as the container and tanker sectors are under severe pressure from freight rates that declined to levels close to or below operating break-even levels and scrap prices remaining at attractive levels.
Source: PriceWaterHouseCoopers / Hellenic Shipping
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Tuesday, 01 November 11
ATLAS RESOURCES SETS IPO AT RP1,500 - INSIDER STORIES
Insider Stories reported that, coal miner PT Atlas Resources Tbk has set its initial public offering (IPO) at Rp1,500 (approximately US$ 0.169) per ...
Tuesday, 01 November 11
DRY BULK MARKETS CORRECTION SPILLS OVER ONTO NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is losing steam, as evidenced by the falls experienced last week, which were also apparent at the beginning of the new week. A l ...
Monday, 31 October 11
CHINAS HUNGER FOR INDONESIAN COAL AT THREE YEAR-HIGH AS WINTER NEARS - JOSEPH KIRSCHKE
COALspot.com - Chinese demand for power-station coal from Indonesia has soared to its highest level in three years, as central heating plants and po ...
Saturday, 29 October 11
ATLAS RESOURCES SEALS US$95 MIO LOAN - INSIDER STORIES
Insider Stories reported that, coal producer PT Atlas Resources Tbk, that is controlled by Indonesian businessman Andre Abdi, has secured US$95 mill ...
Saturday, 29 October 11
INDONESIA TO INDIA FREIGHT LIKELY TO REMAIN SOFT
COALspot.com - The market continued to slow down and all segment were down this week.
The biggest drop was in the Cape Index down by 8.19 pct&nbs ...
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- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Australian Coal Association
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
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