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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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Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
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