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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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Wednesday, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
Friday, 06 April 18
TOP MINER BHP QUITS WORLD COAL ASSOCIATION OVER CLIMATE CLASH - BLOOMBERG
BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant say ...
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Showing 1746 to 1750 news of total 6871 |
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- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
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