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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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- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- The University of Queensland
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- The Treasury - Australian Government
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- MS Steel International - UAE
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
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