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Wednesday, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
 The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any positive signs to be had. All this seems to have its roots partly in the correction noted back in November of 2018, while the actual damage was not so much that made to realized earnings but rather the steep shift of sentiment towards doubt and skepticism in respect to the whole recovery story we have been seeing since 2016, Allied research report said.
According to Thomas Chasapis, Research Analyst of Allied Shipping, in terms of numbers, the BDI has eased back to 645bp (while just 10 days back was above the 1,000bp mark), its lowest level since August 2016. This steep correction is in line with that of the Capesize segment, which witnessed a 49.9% decrease the past 10 days, while the free fall in the overall market had already begun from the very start of the year, with the Panamax and Supramax segments having lost 60% and 49% since early January. Even if we take under consideration the Chinese New Year lull, the accident at the Vale dam and the puzzling Chinese –US trade relations, it seems as though the problems being faced now by the market are deeper rooted and require a more wholistic view to be taken.
Allied further noted that, the paper market could be of help in capturing parts of the underlining sentiment at play in the market. After a good rally and performance during the summer period, late August saw a peak in the levels noted in FFA contracts for both 4Q18 but also for forward quarters, such as 1Q19. Indicatively, the Capesize TCA reached above US$ 15,000/day, while the Panamax TCA and Supramax TCA, were well above US$ 11,000/day and even reached levels close to US$ 12,000/day in the case of the Panamaxes.
Looking at it in retrospect, the exaggeration is rather apparent. However, the interesting part comes later. In November the derivatives market was on a sharp downward correction, heavily influenced by the major drop in the Capesize freight market. At this point, we saw a hefty collapse in Capesize FFA rates, with contracts for the month of January being at levels of around US$ 11,500/day, far more bearish than the US$ 14,142/day the actual market witnessed in the end. At the same time the Panamax and Supramax sizes noted levels of between US$ 10,000 and US$ 11,000 per day in the FFA market, while the actual market figures closed in at US$ 8,342 and US$ 8,547 per day respectively.
From this it is interesting to note how the paper market even at its most bearish proved to be overly optimistic rather than going with the theoretical approach whereby an actual market shock would reflect a bigger asymmetry in the paper market (as that note in the Capesize market). If the trends in paper market seem to be rather disconnected with what the actual market is doing, it’s even harder to put your finger on the recent share buy-back activity noted at the final part of last year. Given what we witnessed during January, this move seems somehow “expensive” now, especially in an industry that is struggling to be publicly funded. Either there was a touch of conviction as to the future market’s potential (despite the stringer availability of capital overall and the future need for sufficient cash flow so as to meet upcoming regulatory requirements), or it was merely a decision of buying below net asset value and boosting key financial ratios such as EPS. It is likely that the answer lies somewhere in between. All being said, there is still hope for a quick recovery at hand, but given the severe weakening in freight returns, maybe it is time to re-evaluate the levels at which the market will be finding a balance during the course of the year said Allied.
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Tuesday, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Tuesday, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
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Showing 1481 to 1485 news of total 6871 |
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- The University of Queensland
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
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