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Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
 Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Research Analyst of Allied Shipping says, at the end of 2018, we were noting strong levels of optimism and bullish sentiment for the year that lay ahead, especially when given the overall recovery that had been noted in 2018 and 2017, whilst most core index figures finished at relatively good levels. Given these positive trends, for most, 2019 was set to also be a year of general upward momentum, inline somehow with the perceived perception that fundamentals were still improving and there would be more balanced and sustainable dynamics witnessed in the market. Even for those that held a more conservative view as to how things would transpire, few would have called the steepness of the downward correction noted, the increased volatility or the continuous shifts in sentiment that characterize the current market.
After more than 3 months of being stuck in the doldrums, Thomas Chasapis says, with volatility rising for the first quarter of this year by 178% compared to the same time frame back in 2018 (using standard deviation), we finally saw the BDI pass above the 1,000 basis point mark once more (a point last held at the end of January). Even if you consider this recovery to be momentary and driven mainly by the recovery noted in the Capesize segment, it still represents a huge “breather” for the overall dry sector.
Taking this last point, it is interesting to see the BCI trends of late in more detail. The BCI time charter average closed on Friday at US$ 11,182/day, while just a month prior, it had reached its lowest level (since 2016) of 3,460 US$/day, as such placing the recovery gain in the region of 223% in almost 1 month. If this doesn’t sound so impressive, the BCI index made an even more impressive jump, going from a low point of 92 basis points at the very start of April, up to 1,290 points (14 times higher!).
Furthermore, Research Analyst of Allied Shipping noted that, adding a taste of forward sentiment coming through the paper market, a considerable boost was noted not only for FFA contracts for this year, but also for the calendar years of 2020 and 2021. Notwithstanding this, there is still a fair bit of road ahead before we start witnessing any sort of rebalancing in this segment. The turmoil derived from the Vale incident a few months back continues to shake the market, while now, given that most parties involved are now in the process of adapting to the new market realities, we can expect huge levels of volatility and asymmetries for the rest of the year (at least). Moreover, even if we assume an increase in demand for iron ore in the near term and that it will be absorbed completely by the other main exporters (such as Australia), we will still be left with a tremendous gap in tonne-miles which will continue to add an excessive amount of negative pressure on freight rates.
All-in-all, while leaving aside the rather mediocre state being portrayed right now in the dry bulk sector in terms of earnings, the point that troubles most is the overall feeling of uncertainty surrounding the market. Moreover, given a potential 25% levy to be imposed in US imports from China by this Friday as mentioned by President Trump’s tweets on Sunday, it is obvious that we will continue to face random and unpredictable shocks, with tremendous consequences to the overall state of the freight market. With all being said, even under good and strong fundamentals (i.e. balanced supply-demand dynamics), it is very difficult at this point to make any confident assumptions as to what direction the market will take next, even on a short-term basis.
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Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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Showing 1396 to 1400 news of total 6871 |
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- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
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