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.
|
|
Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
|
|
|
Showing 1231 to 1235 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Malabar Cements Ltd - India
|
| |
| |
|
