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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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Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
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Showing 1346 to 1350 news of total 6871 |
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- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Australian Coal Association
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
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