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.
|
|
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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 ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
|
|
|
Showing 1071 to 1075 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
|
| |
| |
|
