We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 28 February 13
INDIA HAS INCREASED CUSTOMS DUTY AND COUNTERVAILING DUTY FOR POWER PLANT COAL
COALspot.com : The government of India raised basic customs duty and countervailing duty on steam coal. In the meantime government has reduced& ...
Thursday, 28 February 13
SHIP OWNERS EXPECTED TO FACE A CHALLENGING YEAR, DESPITE THE FALL OF NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Tonnage oversupply and a lagging growth in world trade demand are expected to keep shipping in the "red", despite a series of measures ado ...
Thursday, 28 February 13
PANAMAX : MARKET HAS SEEN A GOOD UPTURN OVER THE LAST WEEK - FEARNLEYS
Handy
The Atlantic saw more cargoes than last week and rates ticking upwards. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 11k. The ...
Wednesday, 27 February 13
NEWCASTLE PORT IN AUSTRALIA SHIPPED 0.358 MILLION MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,178,869 MT of thermal and coking coal for week ended 0700 hours 25 February 2013, Newc ...
Wednesday, 27 February 13
NEWLEAD HOLDINGS LTD. ANNOUNCES COAL SUPPLY AND DELIVERY CONTRACT
NewLead Holdings Ltd. yesterday announced that the Company has signed an agreement to supply and deliver 1.48 million metric tons of steam coal to a ...
|
|
|
Showing 4366 to 4370 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Planning Commission, India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- The University of Queensland
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
|
| |
| |
|
