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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, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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Showing 1041 to 1045 news of total 6871 |
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- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
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