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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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Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
Thursday, 20 October 11
CAPESIZE - TUBARAO /QINGDAO BEING FIXED AT STRONG US$ 29.75 PMT
Handy
The Atlantic market is quite steady, and market seems to be around the same levels as last week. Fewer fixtures reported though. ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
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