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Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
 Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taking the BDI as a benchmark, we saw the index from a yearly average of 676 points in 2016, increasing to 1,149 points in 2017, and now reaching for the year so far 1,351 points.
According to Thomas Chasapis, Research Analyst of Allied shipping, taking the size segments separately, Panamax and Supramax sectors were leading the herd this year, with their TCA yearly average figures boosted by -more or less-US$ 2,000/day (a relative increase of around 21%) and climbing well above the US$ 11,000/day mark. Furthermore, in the Handysize segment, we witnessed an increase of 13.5% on y-o-y basis, while in the Capesize segment the BCI-5TC improved by 8.6%.
At this point, it is important to mention that the rather mediocre increase in the Capesize market is impart influenced and a mere reflection of the hefty downturn and amassed disarray noted at the beginning of November (while not long before this, most seemed confident that they would see returns even in excess of those of the final quarter of 2017). Notwithstanding this, another way to better understand the “actual” path that dry bulk sector has been following, we need to evaluate the risks involved relative to the corresponding earnings. An important risk metric is by measuring the prevailing volatility in the market. Using the standard deviation as statistical tool to capture current trends, we can conclude that the overall dry bulk market has been more stable this year. In absolute terms, all main size segments saw their actual volatility figures decrease, with Handy size witnessing the biggest decrease (52.7%), followed by Panamax and Supramax with 41.5% and 37.9% respectively, and finally Capesize with 15.2%. While considering that actual returns were considerably higher, the real impact of these deviations is even less than the percentages mentioned above.
Thomas Chasapis, Research Analyst of Allied shipping further noted that, given the recovery and the overall positive track noted in the market, let’s try to figure out what’s in store for the near term. As at the start of this month, the total dry bulk fleet (above 20,000dwt) stood at 10,198 vessels, with an order book of 907 vessels (an order book to fleet ratio of 8.9%). Even with a completely absent recycling market and all projected deliveries entering active service without delay and as scheduled, we are a facing a maximum fleet growth of 5.3% for 2019. Moreover, given that most forecasts predict an increase in the region of 1.5-2.0% for seaborne trade of the main dry bulk commodities (iron ore, coal, grains), the fundamentals in the market indicate a n overall balanced outlook for the supply-demand dynamic, in the short to medium-term at least, with potential for an even better outlook to emerge.
All-in-all, even with the core market fundamentals being in favor of further improvement for the next couple of years, the great uncertainties that characterize shipping industry as a whole leave little room for any excesses in sentiment. Optimism, with a pinch of conservatism, are the necessary characteristics to be able to better react and adapt to periodical trends and shifts. Coal’s overall gloomy outlook, China’s decision to retract its tariffs and commit to buy a large volume of US soybeans (even if it only represents roughly 4% of a typical year’s purchases) easing back some of the “tension” if only for the moment, along with a plethora of new regulations coming into force in the not so distant future, are just a handful of market aspects that could have a major impact, rapidly altering the state of the market. With a relatively positive year now coming to an end, let’s embrace a new one and hope for even better days to come.
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Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
Monday, 17 September 18
GLENCORE RETURNS TO JAPAN COAL TALKS SCUPPERED BY HIGH PRICES - BLOOMBERG
Mining giant Glencore Plc and Japanese utilities have resumed thermal coal supply negotiations, restarting talks that fell apart earlier this year ...
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Showing 1611 to 1615 news of total 6871 |
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- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
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