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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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Wednesday, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
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- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- White Energy Company Limited
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Planning Commission, India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- PTC India Limited - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- The University of Queensland
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
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