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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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Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
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Showing 1431 to 1435 news of total 6871 |
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- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Australian Coal Association
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
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