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Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
 Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bulk market to take shape in the final few months of 2020.
Amidst a tail risk regime, it would be rather risky to rest in "known" assumptions and past experiences, trying to choose the best "strategy", even in the case of a short-term outlook. This year has its unique characteristics, being in the midst of a transition over to a different and new era, in terms of how we conduct business, or even how we value risk.
Still though, it is too early to say if these trends of late are really here to stay. For the time being and with some sort of certainty, we can say that this shock event will leave its mark. Based on this, can we expect global markets to react differently compared to what we have seen up to now in the event of any further escalations being noted to the current Covid-19 pandemic?
In March, the hit was immediate and strong, despite the false (at the time) impression, that it was a shock of short-term magnitude. Given that it is a macroeconomic problem, how can global markets respond to "closed" economies, disruptions and strict restrictions. We have known unknowns, but also, unknown unknowns.
The freight market was one of those markets hardest hit by the onset of the pandemic. There was a clumsy negative dive in realized returns, that many instantly compared it to the market of 2016. However, year-to-date average earnings have outperformed those of 2016. This, on the other hand, doesn't overturn the tremendous step back being noted, both in terms of sentiment and actual earnings.
This situation rather supports the argument that chasing periodical opportunities and minimizing risks, as key aspects for a successful business model under the current market regime. A strong example is the Capesize market, that may well finish the 3rd quarter above the US$ 20,000/day mark (a relatively strong figure for the time period) that suggests that ample fundamentals still exist to support such periodical "rebounds".
Forward sentiment, measured by current levels in the paper market, is also in favor of a relatively "good" freight market for the remaining part of the year. Closing numbers for contracts with expiration dates within this year have noticed a fair boost for most of the size segments during the past month. However, a sharp correction is being noted for contracts involving the 1st quarter of 2021. Whether this view is based solely on typical seasonality pressures, or a hypothetical peak of another wave of market disruptions as part of the pandemic, is still unknown. If we were to experience a strong escalation in the pandemic, it is unlikely that this will only affect the start of the new year and have no significant negative effect on rates for the final part of this year.
In other words, the timing of relevant positions in the market can prove essential and challenging, given the market's vulnerability, volatility and fragile status. As a closing though, all this could have a deeper impact on the Sale and Purchase. With a fair bit of bullish sentiment now possibly on the crisp of spilling over into the SnP market, we could potentially see a fairly "robust" picture portrayed both in terms of activity and asset prices during the final months of 2020. For the time being, over-all year-to-date activity seems to be lagging behind compared with what was seen during the last couple of years. Given the good momentum noted since the start of the summer, we could see a vivid sales market add optimism and subdue any excessive dissonance from other volatile sub-markets.
Thomas Chasapis
Research Analyst
Allied Shipping Research
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Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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Showing 711 to 715 news of total 6871 |
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- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- The University of Queensland
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
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