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Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
 It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the start of the year, it was one of the favorite topics amongst participants in the shipping industry how challenging 2020 would be. However, no one could have guessed the level of this challenge. With some certainty, we can argue that Covid-19 spread will be a strong test, from a social, as well as an economical perspective. Instead of making further assumptions as to how the virus outbreak may or may not affect different market aspects, we could take things from a different angle and view hoping to better understand how different mechanisms are currently reacting to this unique situation, Thomas Chasapis, Research Analyst of Allied shipping Research said in his latest weekly report.
Thomas Chasapis further noted that, the global economic slowdown seems to be the inevitable outcome, emphatically evident from the recent trends being portrayed in global markets. Beyond this, the real question is as to how big this step back will eventually be. Week over week all forecasts regarding economic development and macroeconomic trends seem very prone to downward revisions, given that the virus spread seems to be more dynamic and unpredictable as time goes by. A glimpse of optimism was noted during the past weeks, given the decreasing rate of new cases testing positive to the COVID-19 virus in China. However, witnessing the hefty growth in cases reported in Italy (and across Europe), a strong wave of doubt and uncertainty has firmly hit the general economic environment. The discussions surrounding a wider quantitative easing will certainly help stabilize financial markets, a tool that has helped in many cases of severe downward pressure in the past. Regardless though of the effort made by central institutions and given the unpredictable time duration of this tail risk, it will eventually be a unique test as to the credit risks present in the financial industry. Furthermore, witnessing the steep collapse of more than 30% in oil price, the scene has become even more volatile. Theoretically, "cheap" oil would be a boost for growth and consumer spending power. However, when overall demand is, to say the least, fragile, in what way this "abundant" supply could affect the real economy seems rather questionable.
How does all the above translate over to the shipping industry? Thomas Chasapis, Research Analyst of Allied shipping Research says, certainly, the anticipation of a major step back in economic growth (which means respectively a significant slowdown in seaborne trade), can't be under any case be considered a "good" sign. A somehow opposing argument to this is the fact that dry FFA long-term contracts have increased since the beginning of the year. Maybe, this is just an optimistic opinion shared by a small minority, or maybe the fundamentals are strong, and this periodical affect is unrelated to the macro economical prospect of the dry bulk sector.
In any case, given the mixed macroeconomic environment, it would be wise to focus for the time being on the near-term picture noted in the dry bulk sector. The past couple of weeks the market seems to be in a state of transition, seemingly in a process of recovering from a freight market bottom (especially for the medium size segments – Panamaxes and Supramaxes). Time is the key variable here. As the virus spread doesn't seem to be yet under check, sentiment will turn ever more negative, while extra pressure will be applied to cash reserves and cash flows as well as to daily operating activities. On the other hand, the window of a steeper upward potential is growing, given the higher slippage rate of cargo volumes that potentially could take shape. This may well mean that we could see exaggerated returns take place from the early onset of the summer period.
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Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- McConnell Dowell - Australia
- Marubeni Corporation - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
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