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.
|
|
Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
Saturday, 07 December 19
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 ...
|
|
|
Showing 1246 to 1250 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- MS Steel International - UAE
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
|
| |
| |
|
