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Wednesday, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
 The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any positive signs to be had. All this seems to have its roots partly in the correction noted back in November of 2018, while the actual damage was not so much that made to realized earnings but rather the steep shift of sentiment towards doubt and skepticism in respect to the whole recovery story we have been seeing since 2016, Allied research report said.
According to Thomas Chasapis, Research Analyst of Allied Shipping, in terms of numbers, the BDI has eased back to 645bp (while just 10 days back was above the 1,000bp mark), its lowest level since August 2016. This steep correction is in line with that of the Capesize segment, which witnessed a 49.9% decrease the past 10 days, while the free fall in the overall market had already begun from the very start of the year, with the Panamax and Supramax segments having lost 60% and 49% since early January. Even if we take under consideration the Chinese New Year lull, the accident at the Vale dam and the puzzling Chinese –US trade relations, it seems as though the problems being faced now by the market are deeper rooted and require a more wholistic view to be taken.
Allied further noted that, the paper market could be of help in capturing parts of the underlining sentiment at play in the market. After a good rally and performance during the summer period, late August saw a peak in the levels noted in FFA contracts for both 4Q18 but also for forward quarters, such as 1Q19. Indicatively, the Capesize TCA reached above US$ 15,000/day, while the Panamax TCA and Supramax TCA, were well above US$ 11,000/day and even reached levels close to US$ 12,000/day in the case of the Panamaxes.
Looking at it in retrospect, the exaggeration is rather apparent. However, the interesting part comes later. In November the derivatives market was on a sharp downward correction, heavily influenced by the major drop in the Capesize freight market. At this point, we saw a hefty collapse in Capesize FFA rates, with contracts for the month of January being at levels of around US$ 11,500/day, far more bearish than the US$ 14,142/day the actual market witnessed in the end. At the same time the Panamax and Supramax sizes noted levels of between US$ 10,000 and US$ 11,000 per day in the FFA market, while the actual market figures closed in at US$ 8,342 and US$ 8,547 per day respectively.
From this it is interesting to note how the paper market even at its most bearish proved to be overly optimistic rather than going with the theoretical approach whereby an actual market shock would reflect a bigger asymmetry in the paper market (as that note in the Capesize market). If the trends in paper market seem to be rather disconnected with what the actual market is doing, it’s even harder to put your finger on the recent share buy-back activity noted at the final part of last year. Given what we witnessed during January, this move seems somehow “expensive” now, especially in an industry that is struggling to be publicly funded. Either there was a touch of conviction as to the future market’s potential (despite the stringer availability of capital overall and the future need for sufficient cash flow so as to meet upcoming regulatory requirements), or it was merely a decision of buying below net asset value and boosting key financial ratios such as EPS. It is likely that the answer lies somewhere in between. All being said, there is still hope for a quick recovery at hand, but given the severe weakening in freight returns, maybe it is time to re-evaluate the levels at which the market will be finding a balance during the course of the year said Allied.
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Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
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Showing 1461 to 1465 news of total 6871 |
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- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
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