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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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Saturday, 12 November 11
BBJ WILL RELEASE A COAL CONTRACT
Jakarta Futures Exchange will soon release a coal futures contracts during the quarter 1 / 2012.
Director of the Jakarta Futures Exchange (BBJ) S ...
Saturday, 12 November 11
DRY BULK MARKET REGAINS SOME OF THE LOST GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market managed to edge forward yesterday, putting an end and halting the losses accumulated over the course of the past weeks, which ha ...
Friday, 11 November 11
PETROCOM ENERGY PLANS $40M TO BUILD COAL PLANT IN CILEGON - JP
The Jakarta Post reported that, Hong Kong-based Petrocom Energy Ltd has unveiled plans to invest up to US$40 million on a proposed coal-blending fac ...
Friday, 11 November 11
GOVT WAITS LEGAL DECISION ON BUKIT ASAM, ADARO DISPUTE - JP
The Jakarta Post reported that, The government says that it will not interfere in the settlement process of the dispute between state coal miner PT ...
Thursday, 10 November 11
INDONESIAN REFERENCE COAL PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the November 2011 Indonesian Coal Reference Price for thermal coal at U ...
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- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- White Energy Company Limited
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Planning Commission, India
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