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.
|
|
Tuesday, 12 February 13
GOVERNMENT DECLARED INDONESIAN THERMAL COAL PRICE INCHES UP IN FEBRUARY
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in February 2013.
The monthly coal refere ...
Monday, 11 February 13
NEWCASTLE PORT SHIPPED 23.01 PERCENT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,967,761 MT of thermal and coking coal for week ended 0700 hours 11 February 2013, Newc ...
Sunday, 10 February 13
INDONESIA SUB-BIT SWAPS: "UP" - CFR SOUTH CHINA SWAPS: "DOWN"
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.72 percent W-O-W and CFR South China coal shipme ...
Sunday, 10 February 13
DRY BULK OVERSUPPLY OF TONNAGE SEEN WANING IN THE COMING MONTHS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It seems that the tide could be shifting in the dry bulk market, in terms of tonnage oversupply, according to the latest data figures. This could ex ...
Sunday, 10 February 13
HIGHER BUNKER PRICE PUSHES SEA FREIGHTS FIRM - REDDY
COALspot.com - The freight market was soft and all at same levels with Chinese year holidays next week.
The BDI was slightly down by 0.27 pct ad ...
|
|
|
Showing 4386 to 4390 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- The University of Queensland
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Planning Commission, India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
|
| |
| |
|
