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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.
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Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
Sunday, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
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Showing 1336 to 1340 news of total 6871 |
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- Minerals Council of Australia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Australian Coal Association
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
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