We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 5006 to 5010 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Parliament of New Zealand
- Economic Council, Georgia
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Australian Coal Association
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
|
| |
| |
|
