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Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
 A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional individual markets. While previous years’ reports have mentioned “must do better” or “extra classes needed”, even the toughest of examiners would congratulate (tankers aside!?) shipping’s economic performance during the many continued challenges of the pandemic.
Grading the Segments
Our cross-sector ClarkSea Index averaged an encouraging $20,717/day in 1H, up 27% y-o-y and 64% above trend (since 2009, see graph). This also represents the strongest six months for the index since the “heady” days of 2008. The star performer has been the “red hot” container market which has seen record highs, while bulkers also deserve a merit award with their best half year since 2010. LPG earnings were down on 2020 averages but still 21% above trend while LNG, despite some ups and downs, were close to trend. Although there are mitigating circumstances (oil trade is still down 10% on pre-Covid levels and floating storage has “unwound”) tanker earnings averaged their lowest half year period for 30+ years and will be hoping for improvements after the summer. Car carriers have picked up nicely to move 5% above trend (impressive as rates touched all-time lows last year) while Ro-Ro freight has also shown resilience. Offshore oil and gas has improved but still remained ~30% below trend (for a North Sea PSV)
Demand Improvements…
After “losing” ~500mt of trade in 2020, we now estimate that volumes have returned to pre-pandemic levels (in May-20 trade was down 12%). Again a special commendation to containers, with a combination of pent up demand, shifts in consumer spending and economic recovery supporting projected trade of 207m TEU this year, up 6% on 2020. Balancing economic recovery, stimulus, further Covid19 waves and uncertainty over the duration of “supportive” disruption, we project over 12bt of total seaborne trade in 2021.
Supply “Favourable”?
In our previous review, we gave shipping supply an “A for effort”, reflecting on an orderbook under 10% of the fleet (it’s still 8%). Fleet growth of 1.7% in 1H (growth of 36m dwt) remains below trend, although newbuild ordering (24m CGT, $55bn) has picked up to its busiest six months since 2014, surpassing full year 2020 orders (although steel prices and currency movements may make similar order intake in 2H more difficult for yards). However, the stellar S&P market achieved “top marks” with all time record transactions (>85m dwt, up 131% on 1H20 and 31% on 2H, and more than double the long term trend!). At this run rate, ~8% of the fleet will change ownership in 2021. We reported 12m dwt of demo, up 14% on 1H-20 but down 12% on 2H-20.
Those Extra Classes …..
With recovering activity, we estimate that shipping’s emissions have edged up slightly to ~840mt and 2.4% of global CO2. Given the “amplified” focus on energy transition and the developments at IMO (and pending announcements from the EU), let’s hope those extra “classes” on “green and tech” we recommended a few years ago have come in handy (over 25% of orders in 1H were for alternative fuelled vessels). Our continued best wishes from Clarksons Research.
Source: Clarksons Research
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Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
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- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
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