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Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
 It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports to anxious parents. With the spread of challenges facing the industry, it’s unlikely the shipping markets would achieve many top grades. However some sectors might still achieve an “A” for effort and this week’s analysis reviews the markets’ performance in the first half.
Must Do Better!
Our Graph of the Week compares performance in the first half of 2016 to the averages since the financial crisis, as a barometer of performance against trend. First on the graph is the ClarkSea Index, our average earnings index covering all major sectors, which is 18% down on the average since 2009 and 30% compared to 1H 2015. The index actually finished the mid-year at just $8,575/day, close to its all time low of $7,444/day. Clearly room for improvement.
Heading For Re-Sits?
With widely reported historical lows in the bulker sector in the first half, Capes averaged below $5,000/day in 1H 2016, some 76% below the average since 2009. Containerships fared little better, slumping to 54% below trend while offshore rates were also almost 50% down on trend and generally hovering around OPEX levels. The prevalence of lay-up and stacking makes offshore arguably the most challenged sector at present. LPG rates also moved below trend, with VLGCs averaging $32,000/day, albeit following their stellar performance of 2015. Meanwhile trade is heading towards more muted growth with an expectation of 2.2% in 2016 compared to a trend rate of 3.2%.
“A” For Effort
Reduced fleet growth (1% to reach 1.8 bn dwt), increased demolition and extremely limited newbuild orders should all get an “A” for effort. Although demolition of 29m dwt was slightly below 1H 2012 levels, it was 43% above trend. However orders of 18m dwt and $16bn constituted a 35-year low and 68% down on the average since 2009 (lower than the 19.1m dwt in 1H 2009 and lower still if the Valemax orders of 12m dwt are excluded). Further pain for the shipyards and pressure on newbuild prices seems likely as the year progresses. Sale and Purchase activity was well down in value terms but marginally above trend by tonnage, reflecting the strong buying appetite for bulkers (bulker sales of 21m dwt in 1H 2016, the highest tonnage figure since 1H 2007).
Keep Up The Good Work
Although they eased back during the first half, tanker earnings continued to perform above trend with VLCC rates still averaging around $50,000/day. Product tanker earnings have also eased back somewhat this year but remain above trend, as does our index of chemical tanker earnings. The best performer across shipping was the Ro-Ro market, continuing its improvement from 2015 and 60% above trend, with the Ferry and Cruise markets also generally positive.
So shipping is experiencing some of its toughest conditions since the financial crisis and, despite its many efforts, may well be heading for an appointment with the headmaster (the bankers?).
Have a nice day.
Source: Clarksons
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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
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- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
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