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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, 18 October 11
INDONESIAN PRESIDENT APPOINTS JERO WACIK AS NEW MINISTER OF ENERGY & MINERAL RESOURCES
COALspot.com - Jero Wacik has been appointed as minister of energy and mineral resources of Indonesia replacing Darwin Saleh and Prof. Widjajono Par ...
Tuesday, 18 October 11
DELTA DUNIA MAKMUR HAS PRODUCED 3.0 MILLION TONS OF COAL LAST MONTH
COALspot.com - PT. Delta Dunia Makmur, wholly owned subsidiary, PT Bukit Makmur Mandiri Utama (BUMA), Delta Dunia Makmur has removed 1.4 million bcm ...
Monday, 17 October 11
KOWEPO TO BUY 260,000 MT BITUMINOUS COAL
COALspot.com - KOWEPO has issued a spot tender for 260,000MT of minimum 5,600kcal/kg NAR Bituminous Coal.
The tender document also mentioned tha ...
Monday, 17 October 11
CAPESIZE SHIPPING COSTS CLIMB TO 10-MONTH HIGH ON ORE IMPORTS
The cost to hire capesize vessels climbed to a 10-month high as rising imports of iron ore to China boosted demand for the ships.Monthly iron-ore sh ...
Saturday, 15 October 11
BUNKER PRICES AND DEMANDS PUSHED FREIGHT RATES UP - VISTAAR
COALspot.com - The market continued to be firm with all segments moving up with biggest gain in Handy size segment up by 15 pct. The BDI was u ...
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- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
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