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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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Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
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- Planning Commission, India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
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