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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, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
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- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
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