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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, 22 November 11
NTPC TO BUY 2 MMT OF IMPORTED COAL FOR ITS FOUR PLANTS
COALspot.com - NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government of India, the largest thermal power generati ...
Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
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- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Planning Commission, India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- The University of Queensland
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
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