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.
|
|
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 ...
|
|
|
Showing 1336 to 1340 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- The University of Queensland
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
|
| |
| |
|
