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.
|
|
Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
|
|
|
Showing 1346 to 1350 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
|
| |
| |
|
