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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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Wednesday, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
Monday, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
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Showing 1341 to 1345 news of total 6871 |
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- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
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