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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, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Tuesday, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
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Showing 1481 to 1485 news of total 6871 |
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- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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