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