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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, 08 November 11
COAL MINER ABM INVESTAMA PLANS $290M PUBLIC OFFERING - JG
The Jakarta Globe reported that, ABM Investama, an Indonesian coal miner controlled by the Hamami family, plans to raise as much as Rp 2.6 trillion ...
Monday, 07 November 11
CHINA'S COAL IMPORTS STEAM AHEAD
Chinese seaborne coal imports have grown greatly in recent years, up from 39.2mt in 2008 to 167.7mt in 2010, with the result that China became a net ...
Saturday, 05 November 11
DEMAND SLUMP THREATENS MORE PAIN FOR BULK VESSELS - VISTAAR
COALspot.com - The market continued to fall with BDI dropping below 2,000 points by around 10 pct and closing at 1817 points. The cape index also co ...
Saturday, 05 November 11
BERAU STARTS TO EXPLORE BINUNGAN SITE - INSIDER STORIES
Insider Stories reported that, coal miner PT Berau Coal, a 90% owned subsidiary of PT Berau Coal Energy Tbk (BRAU), is busy to hold exploration in B ...
Friday, 04 November 11
INDIAN IRON ORE MARKET REMAINS DEAD - FEARNLEYS
Handy
The Atlantic market kept its strong position from last week. Even with fewer fixtures reported. Fronthauls still around 25k, wit ...
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- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Bhatia International Limited - India
- White Energy Company Limited
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
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