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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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Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
Thursday, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
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Showing 1021 to 1025 news of total 6871 |
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- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Planning Commission, India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
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