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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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Friday, 28 October 11
RISING COAL PRICES TO WORSEN CHINA'S WINTER POWER CRUNCH - CRI ENGLISH
CRI English reported that, the rising price of coal is fueling concerns about a power crunch set to plague China this winter, analysts said.
The ...
Thursday, 27 October 11
CAPESIZE REACHING NEW HIGHS - FEARNLEYS
Handy
Pacific market has mixed sentiments with tonnages fixed at firm levels and some tonnages in feast failing on subs.For indo-india, large eco ...
Thursday, 27 October 11
DRY BULK MARKET EDGES DOWN AS CHINAS IRON ORE DEMAND LOSES GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A plunge in Chinese iron ore demand, as a result of high steel inventories and a bleak outlook regarding steel prices, has prompted the dry bulk mar ...
Thursday, 27 October 11
BUKIT ASAM 3Q PROFIT SURGES 66.91%
Insider Stories reported that, the state-controlled coal miner PT Bukit Asam Tbk (PTBA) experienced a 66.91% increase in its net profit during a per ...
Wednesday, 26 October 11
MOODYS SEES MORE GROWTH FOR INDONESIAN COAL MINERS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s coal mining industry looks set to grow despite an uncertain global economic outlook, according to ...
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- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Australian Coal Association
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
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