We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Tuesday, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
 Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the summer months, one would be (theoretically) extra bullish in terms of what to expect for the final part of 2019, said Thomas Chasapis, Research Analyst of Allied shipping Research in his latest report.
However, can the current positive dynamics be sustained over the next three months? According to Thomas Chasapis many views have been expressed in respect to the true state of the dry bulk market. At this point, it seems as though the most vital question is as to whether the market has any direction at all (with the hope of some sort rebalancing soon), or whether the recent summer trends in the freight market have created ample artificial noise in a market that is currently stagnant.
Thomas Chasapis further noted, the dry bulk freight market is already on a downward correction, hardly a surprise, given that the balance point of the market does not seem to be by any measure with a BDI of above 2,500bp (at least for now). This has been expressed emphatically in the paper market, with current forward curves indicating massive corrections moving forward. Notwithstanding this, future contracts for the BCI-5TC average for the final quarter have been formed at slightly above US$ 25,000/day. It is true that this level is an extreme discounted when compared to where the current freight market is at, but when we consider that we are talking about a 3-month average figure which is above US$ 10,000/day more than the year-to-date average.
Just remember what we were seeing for similar contracts exactly one year earlier and at what levels the market closed off the final three months of 2018. So, are we truly faced with a pessimistic view right now? The reality is slightly more ambiguous as we shift the focus over to the macroeconomic indicators. Y-o-y massive corrections have brought with them a huge wave of negativism towards the market.
According to Thomas Chasapis, forward contracts for 2020 felt a correction of around US$ 5,000/day, while 2021 and the years beyond that were a little less so effected though still noting significant corrections. All-in-all, even under these conditions, there are many positive indicators to be seen as well. If the current forward curve is "right", the freight market will be on time to catch-up and finish the year with an average of at least on par with that of 2018 (if not higher). Despite the impressive recovery, many will probably still view the year as a step back. However, it is interesting to note how this is translated when we assess asset prices into the mix? Taking as general indication the value of a 5yr old Capesize vessel, year-to-date the average figure has eased back by roughly 11%, while, given the overall stability of second hand values, we can expect this discount to remain relatively the same during the remaining months of the year. So, in terms of an earnings to price ratio analysis, this would suggest that the market is in a much better state (y-o -y) in relative terms. However, things change when we compare this to the risk profile involved. At this point, the excessive volatility levels noted in freight rates would point to the current prices being in theory fairly "expensive".
This however is only partially true, as volatility measures are agnostic to any market direction and only measure the difference from the average (either on the positive or the negative side). Given the aggressive upward movement in freight rates as of late, the standard deviation inevitably gives an exaggerated result. However, when you take into consideration what we have been seeing in the futures market, you may well find further ground to support the indication that has been given from the earnings to price ratio side, Thomas Chasapis concluded.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
Thursday, 26 September 19
INDIA INCREASES ITS ANNUAL COAL PRODUCTION BY 2.7% PER YEAR FROM 850 MILLION SHORT TONS IN 2018 TO 2 BILLION SHORT TONS BY 2050 - EIA
Worldwide coal production holds steady at about 8 billion short tons, or 160 quadrillion British thermal units (Btu), per year through 2040. Inc ...
Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms o ...
Tuesday, 24 September 19
9TH ANNUAL SUPPLY CHAIN INNOVATION SUMMIT 2019 ASIA PACIFIC
Summit: 9th Annual Supply Chain Innovation Summit 2019 Asia Pacific
Host: Ace Events
Website: http: ...
Monday, 23 September 19
SUPRAMAX: THE ASIAN ARENA IT WAS A SLOW START, BUT DEMAND INCREASED AS THE WEEK WENT ON - BALTIC BRIEFING
Capesize
The market trended down over this past week, breaking the market out of its upward trending range. While the market traded sideways at ...
|
|
|
Showing 1326 to 1330 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- PTC India Limited - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
|
| |
| |
|
