We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
Wednesday, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
|
|
|
Showing 906 to 910 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- The University of Queensland
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
|
| |
| |
|
