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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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Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
Wednesday, 12 September 18
MARINE BUNKERS: THE END OF THE WORLD AS WE KNOW IT - IBIA
KNOWLEDGE TO ELEVATE
The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. ...
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Showing 1621 to 1625 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Planning Commission, India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- The University of Queensland
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
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