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Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
 Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the present state of the market. However, to what degree is this a "fair" comparison to undertake right now?
According to Thomas Chasapis, Research Analyst of Allied Shipping Research the freight collapse of 2016 in the dry bulk sector has been a reference case for every discussion when the market has undergone any severe downward pressure. However, despite its excessive impact, it was a "known" situation, or to put it more bluntly, it was 'an accident waiting to happen'.
Thomas Chasapis further noted that, the excess tonnage capacity was the result of the massive new order activity that had taken place in years prior, as well as, the disconnected relationship of demand and supply fundamentals, eventually pushing freight earnings to their perceived absolute bottom. After that, the market started to adapt to this new market reality, with more modest orderbook activity and, for a time, massive scrapping activity. This "rebalancing" phase helped translate over to a 2-year period of ever-improving freight market conditions (with some minor corrections here and there), coupled by a more stable market with lower volatility. Suddenly though, from the later part of 2018 the picture was promptly altered. This high-risk environment is not something new for the shipping industry, nor are the periodical exaggerations and asymmetries in realized earnings.
However, Thomas Chasapis, said in his latest research report, having experienced a series of single shock events in such a short period of time, it comes naturally to question the robustness of the different business models. Tail risks and “black swans", won’t be just catch phrases, but a change in investment attitude while we enter a new "era" of how we quantify different kinds of market risks (and their likelihood of being fulfilled).
According to Allied, the COVID-19 outbreak has disrupted most business activities worldwide, with the possible outcomes being numerous and presenting multiple decision directions to practitioners. In other words, we are in a genuine situation, where an absolute comparison to previously noted similar excessive negative pressures would be, to say the least, misleading. Prior to the beginning of this year, the discussion revolved around the potential of a two-tier market unfolding, depending on what type of fuel each vessel would burn. As it turns out and from all that has transpired, we may be experiencing a multi-tier freight market. The Pacific market is in sharp negative territory in terms of earnings, while in the Atlantic, things are relatively more promising (even if not particularly good). Moreover, especially for scrubbers-fitted units, freight rates are following a completely different orbit than what is presented by the quoted Baltic freight indices. The asymmetrical freight market is one of the many bizarre things happening right now. With a certain time-lag, asset prices are likely to follow this steep downward correction (this has not fully materialized yet). With the market in disarray, where uncertainty is the prevailing sentiment, the mispricing of different asset classes is the obvious outcome. The bargain attitude, as well as, the short-term unpredictable outlook has created an excessive "bid-ask spread", indicating a market in distress, unable to properly price both the future risks and trends involved. 2020 has already shown to be a challenging year. Even with a very weak short-term outlook, the market may well absorb most of the negative side effects and eventually return to an upward track much sooner than many expect.
Despite this however, the longer-term macroeconomic trends are still troubling. China is already facing the possibility of losing around 0.5% points from its projected growth for this year, something that would translate over to a significant step back in global seaborne trade, Thomas Chasapis concluded.
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Saturday, 20 June 20
NO ESCAPING GLOBAL TRADE SLUMP - BALTIC EXCHANGE
Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment.
New data from the Unit ...
Friday, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. Th ...
Friday, 19 June 20
KOWEPO TO IMPORT 1,050,000 MT OF MIN 5300 NCV COAL FOR THREE YEARS
COALspot.com: Korera Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1,050k MT Min.5,300 kcal/kg NCV coal for t ...
Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal im ...
Thursday, 18 June 20
INDIA: THERMAL PLANTS TO OPERATE BELOW 53% CAPACITY IN FY21 AS POWER DEMAND DIPS - BUSINESS STANDARD
The Plant Load Factor (PLF) of thermal power stations across the country is projected to dip below 53 per cent in this fiscal. Muted power demand f ...
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Showing 901 to 905 news of total 6871 |
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- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Australian Coal Association
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
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