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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, 29 November 11
DRY BULK MARKET BEGINS WEEK ON HIGHER NOTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Contrary to what had been the case during the past few weeks, this one began on a high note for the dry bulk market, with the Capesize sector pullin ...
Monday, 28 November 11
CITING CONTRACTS, MINING FIRMS ARE NOT PAYING ROYALTIES UNDER LAW - THE JAKARTA POST
The Jakarta Post reported that, when the 2009 Law on Minerals and Coal was endorsed, hopes that Indonesia could maximize its revenue from the minera ...
Monday, 28 November 11
NEW ENVIRONMENTAL MARINE REGULATIONS TO IMPACT SHIPPING IN 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
August of next year will see some major changes for marine navigation. It’s when the North American ECA will come into force, introducing a 1% ...
Sunday, 27 November 11
INDIA'S KPCL TO IMPORT 50 MMT OF COAL FOR 10 YEARS
COALspot.com - Karnataka Power Corporation Limited (KPCL) will buy 5 million metric tonnes of coal annually for 10 years starting from 2015.
In a ...
Saturday, 26 November 11
INDIAN PORTS ARE BECOME COAL STOCKPILES..!!
COALspot.com - The Indian coal stocks and power tariff situation is the hot topic among the world coal producers as well as Indian coal importers.&n ...
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- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
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