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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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- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Ministry of Mines - Canada
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
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