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