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Tuesday, 05 February 13
THE SHIPPING SECTOR IS " NAVIGATING IN STORMY WATERS" - PWC
 The vulnerabilities of the global economy have been exposed and have more than played their part in making 2011 one of the worst years of shipping in terms of financial performance, which deteriorated further in 2012, according to the 2011 Global Shipping Benchmarking Analysis of PwC. In its global benchmarking analysis, which is in its fourth 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 six years including 2011. 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. In our current year’s publication, developments in the area of sustainability reporting and corporate social responsibility in shipping have also been analysed, as this is rising up in the agenda of regulators, industry bodies and consumers.
The analysis shows that the Dry Bulk and the Offshore subsectors were the best performers in 2011, followed by the ferries subsector, while the Tanker subsector was the worst performer. For all subsectors the total performance for 2011 deteriorated compared to 2010 except for the ferries subsector which reported a slightly better performance. With the exception of the working capital to net revenues, all financial performance indicators stabilized or deteriorated in 2011 compared to 2010.
Socrates Leptos-Bourgi, Partner of PwC in Greece and the PwC Global Shipping & Ports Leader, says: “Unfortunately, the macroeconomic environment continues to be extremely uncertain. Combined with the delivery of new vessels into the existing fleet as a result of the tail end of the order book that was built in the years prior to the crisis has exerted severe pressure on hire rates for most subsectors for the shipping industry. Returns are particularly unattractive and equity investors have certainly incurred significant losses in the value of their investments. For seasoned participants in the shipping industry, this state of affairs may not come as a surprise, although the extent and depth of this downturn may have been hard to predict. Nevertheless, for some investors who understand the cyclicality of this industry, it is at this particular time that they believe that the best opportunities arise to enter the market.”
With increasing volatility and uncertainty prevalent across all sectors, banks are less optimistic about a recovery and are testing their shipping loans against more pessimistic assumptions about the future. Loan finance has also been impacted by the exit of some traditional shipping banks, the severe tightening of funding and the increased cost of new funding for ship owners. Many shipping companies have breached loan-to-value and liquidity covenants and have had to request lenders to either provide them with waivers or to revise loan terms. Among the companies covered by the PwC analysis 17% have reported that they have restructured their loan facilities. Approximately 21% of those belong to the tanker sector and 17% to the dry bulk sector.
Vessel values incurred a significant decline in 2011, both for new buildings and for second hand vessels across almost all subsectors, reflecting the weak freight market and the surplus supply of vessels in the market. The PwC analysis indicates that asset impairments are at higher levels in 2011 compared to 2010. Approximately 39% of the companies covered in our analysis reported vessel impairments in 2011 against 24% in 2010. The container subsector showed the largest share of impairments on vessels with 67% of the companies belonging in the sector incurring impairment losses.
According to the PwC 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) stood at 16% for dry bulk vessels, 8% for tankers and only 1% for containerships. However, these newbuilding ratios are markedly lower than those for the whole shipping market. It is considered that this may be reflective of the fact that most of the companies in the 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.
The PwC analysis also indicates higher levels of shipbuilding cancellations in 2011 compared to 2010 among the companies we have covered and especially in the dry bulk sector, which also reported a significant decline in returns to investors. The increase in shipbuilding cancellations were accompanied with significantly reduced new order activity. With the exception of 2009, the amount invested in new orders was the lowest since 2004. A significant portion of the investments in 2011 are attributed to the offshore sector.
The PwC analysis also looked at the performance of shipping companies across the various shipping sectors and their 1H2012 results. With the exception of the companies belonging to the offshore segment which showed a very positive trend, there was a clear deterioration in their results compared to their performance on the respective period of 2011. The dry bulk market was the hardest hit by the current market conditions with 68% of the companies covered, reporting a more than 15% decrease in their net income.
Although sustainability reporting is becoming important to shipping, the PwC analysis showed that the majority of shipping companies are lagging behind other industry sectors in this field. This may be a lost opportunity for shipping, since reporting about sustainability is not merely a matter of compliance but, more importantly, can have an impact on the bottom line. Pressure on the shipping sector to improve its sustainability reporting is likely to rise in the future as regulators, consumers and other participants in the supply chain become more sensitive to environmental and social responsibility concerns.
Source: PwC (PriceWaterHouseCoopers) / Hellenic Shipping
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Monday, 11 March 13
SUB-BIT FOB INDONESIA COAL SWAPS FELL 1.41 PERCENT W-W
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 1.41percent and CFR South China coal shipment ...
Sunday, 10 March 13
INDIA - INDONESIA SUPRAMAX FREIGHT : FIRM TREND
COALspot.com – This week freight market was raised and remained firm in all segments.
The BDI was up by 6.70 pct closed at 843 points, ...
Sunday, 10 March 13
INDONESIA'S FORESTRY DEPARTMENT IS TO INCREASE BORROW-TO-USE PERMITS (IJIN PINJAM PAKAI) FEE SOON
COALspot.com : Indonesia to increase borrows-to-use permit fees by 33.33 percent. The government of Indonesia is planning to increase the state&rsqu ...
Friday, 08 March 13
EKO SANTOSO BUDIANTO APPOINTED AS PRESDIENT DIRECTOR OF BERAU COAL ENERGY
COALspot.com - PT Berau Coal Energy has appointed Eko Santoso Budianto as new president director, replacing Rosan Roeslani. Berau’s extraordin ...
Friday, 08 March 13
INDONESIAN HBA UP FOR FIVE CONSECUTIVE MONTHS
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in March 2013.
The monthly coal reference ...
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- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
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