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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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- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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