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.
|
|
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
|
|
|
Showing 1101 to 1105 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
|
| |
| |
|
