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