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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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Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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Showing 1406 to 1410 news of total 6871 |
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- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
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