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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
 The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevailing topics as of late. From the start of this month the BDI has eased back to below 700bp and having recorded throughout this period an average of 624bp, there is little room for any bullish views to be portrayed at this point.
According to Allied research analyst, Thomas Chasapis, the focus now, is as to what sort of contagion the recent trends are having on other parts of the dry bulk market.
Allied latest report says let’s have a quick look at the paper market, with its portrayal of a steep reverse in sentiment and the new market “standard” which is prevailing right now. In the Capesize segment the FFA 5TC-average index figure for the remaining 2019 is now roughly at US$ 11,200 pd, while just at the end of the previous year, the figure was in the region of US$ 16,304 pd, a decline of 31.3%. Taking the same comparison for the other main size segments, the trend is fairly similar. For the 4TC-average of the Panamax, the decline was 13.4%, for the 10TC-average for Supramaxes was 7.5%, and finally, the Handysize TC average had a downward correction of 10%. If these corrections seem “petty” (except maybe that of the Capesize), just imagine where these numbers would be if we hadn’t witnessed this last 2-week mini rally in the freight market for the Panamax (+16.3%), Supramax (+62.9%) and Handysize (+23.9%).
Thomas Chasapis noted, many would argue that the FFA market is not the best reflection of forward sentiment for the actual freight market, with the argument being that a different set of drivers influence FFAs, some of which are not core fundamentals of the actual freight market. In any case, taking new-building activity as a secondary indicator as to forward sentiment the overall picture seems to be relatively the same. Looking at the past 3-months, total new contracting activity for the dry bulk segment as a whole in terms of tonnage capacity was 6.12MMdwt. While during the same period one year back, the equivalent figure was 13.1MMdwt, indicating a drop of 53.3%. Certainly, the main share in this decline is mostly attributed to the Capesize segment, which in fact truly has the most problematic and puzzling outlook for the time being. Notwithstanding this, even if we take as an assumption that most interested parties have already adopted a more conservative attitude, the slide in terms of new investments is still clearly apparent.
As a final key measure as to the prevailing forward sentiment we could also take a peek at what we have seen in the Sale & Purchase market as of late. In the year so far, we are a seeing a drop of 37.8% in terms of number of transactions taking place compared to the same period back in 2018, while in terms of total tonnage capacity this drop amplifies to 40.4%, also reflecting in part the shift in preference towards the smaller size segments. Moreover, if it wasn’t for the robust activity noted in the Panamax segment, nourished in part by the plethora of sales candidates circulated as of late in the market, we would be facing a significantly bigger drop. So, given that there isn’t the necessary optimism and/or appetite to push things further at this point, there is a general lack in confidence to push for any “bargain” hunting either. The correct description here therefore seems to be a that of a market in a “stand still”, something that may well prove to be more perilous than a market that has a clear direction even if that direction is one of a downward spiral.
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Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
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Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
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- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- The University of Queensland
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
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