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Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
 At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight without some sort of mention would be a major disconnect with the current reality being faced. As of late, the “eye of the storm” of this pandemic is now firmly over Europe and the US (a very large share of the world’s largest economies), while it seems that we are ever further away from any end in sight right now, said Thomas Chasapis, Research Analyst, Allied shipping Research in his last weekly report.
Allied research further said, putting the focus back on to the shipping industry, during the 1st quarter of the year the setback noted on the whole of the dry bulk market has been considerable in more ways than one. Just to begin with, it has been the worst quarter noted for more than 3 years now, with most indicators pointing to the fact now that the recovery cycle that has been taking place over the past 3 years may well have come to an abrupt end. More emphatically the any other size segment, it is of note that the Capesize market has seen a close to 80% reduction in its BCI 5TC -3month average figure as of now, reflecting in its most part, how problematic things have been for this size segment.
In terms of the other major size segments in the dry bulk market, Thomas Chasapis noted that, things don’t seem to have been as dramatic in terms of earnings, though we should point out the relative “clampdown” being noted in the second hand market for a while now, underlining the damaged sentiment that is currently being shared amongst most market participants and possibly pointing towards a further downward pressure in freight rates to be in sight in the near-term. At the same time and given that asset price levels (though taking note that we are witnessing limited activity right now) have yet to show any sharp correction, this deterioration in sentiment may well be limited. As to how long this could last remains to be seen, while given the shared opinion that is being expressed right now of a considerable market rally to be noted down the line (later in the year), we may well note a possibility that any such price correction, or at least any significant one, may well never arrive.
He further noted that, given that we are functioning under a tail risk event, things are even harder to “predict”. Yet it is worth noting that any major step back in the global economy would result in an equal or even more severe drop in seaborne trade as well. However, even if total annual traded volumes were to fall, the amassed volume of cargoes that will accrue from the extended period of business disruptions could create an asymmetrical distribution in earnings, that may prove to be enough to shift average annual earnings back to more “optimistic” levels. In other words, the rebound in the freight market during the latter part of the year could be equally impressive to the drop noted now. On the other hand, it is worth noting that there is a significant unknown as to the timing of this as well as to its extent.
Many in the shipping industry are coming face to face now with very difficult decisions for the upcoming period. As things stand they can either take the choice to remove some the risks they hold under these mediocre to poor market conditions being faced, or they could chose to push their credit and cash flow to their limits and take the long shot of a steep upward return they may or may not take place at some point down the line, Thomas Chasapis concluded.
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Friday, 03 April 20
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 ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
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