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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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Tuesday, 05 February 13
CHALLENGER DEEP RESOURCES CORP HAS ENTERED INTO AN EXCLUSIVE MINING AND MARKETING AGREEMENT WITH KEM
COALspot.com - Challenger Deep Resources Corp., through its wholly owned subsidiary, PT Bestindo Energy, has entered into an Exclusivity Agreement r ...
Saturday, 02 February 13
ADARO TO INTRODUCE A NEW BRAND OF ENVIROCOAL, E4700, IN 2013
COALspot.com - Adaro Energy, an Indonesian and leading coal producer in country has achieved a record coal production during 4Q12 of 13.31 mil ...
Saturday, 02 February 13
FREIGHT MARKET MAY REBOUND AFTER CHINESE NEW YEAR - VISTAAR
COALspot.com - The freight market was soft and all the indices were down by around 5-7 pct this week.
The BDI was down 6.01 pct closing at 750 po ...
Friday, 01 February 13
ORPHEUS SELLS B26 COAL PROJECTS FOR US$ 2 MILLION TO FOCUS ON SOUTH KALIMANTAN
COALspot.com - Orpheus Energy Limited (ASX: OEG) has announced that it has sold its 51 percent equity stake in the East Kalimantan coal projects, Bl ...
Friday, 01 February 13
HANDY - FLAT; PANAMAX - FLAT TO WEAK; CAPESIZE - WEAK
Handy
The Atlantic market remained stable with no significant movement in rates. Rates from USG to FEast were around USD 17k and Black sea to Feast ...
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Showing 4396 to 4400 news of total 6871 |
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- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- White Energy Company Limited
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Australian Coal Association
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
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