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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, 20 November 11
THE FREIGHT MARKETS EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The market continued to move up with all sectors gaining except for handy size.
The BDI was up by 3.26 pct and closed at 1895 poin ...
Friday, 18 November 11
MMTC SEEKS 1.365 MMT OF IMPORTED COAL
COALspot.com - India's MMTC, the largest trading company of India and a major trading company of Asia, has issued a term supply tender for 1.365Mt ...
Friday, 18 November 11
KPC, ARUTMIN OUTPUT REACHED 47.1 MIO TONS - INSIDER STORIES
PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, reported 47.1 million tons of coal production in 9M 2011, according to Indiser Stories.
Insi ...
Friday, 18 November 11
THE ATLANTIC SUPRAMAX MARKET EXPERIENCED A STEADY AND FIRM TENDENCY
Handy
The Atlantic Supramax market experienced a steady and firm tendency this week. Especially the North Atlantic and Mediterranean position ...
Friday, 18 November 11
BERAU COAL 9M PROFIT SOARS 194.46% - INSIDER STORIES
Insider Stories reported that, PT Berau Coal Energy Tbk (BRAU), which is 84.7% owned by Bumi Plc, reported a 194.46% jump in net profit by end of Se ...
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- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Trasteel International SA, Italy
- PTC India Limited - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- The University of Queensland
- Planning Commission, India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
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