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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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Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
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Showing 1526 to 1530 news of total 6871 |
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- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Australian Coal Association
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
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