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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 prevailing topics as of late. From the start of this month the BDI has eased back to below 700bp and having recorded throughout this period an average of 624bp, there is little room for any bullish views to be portrayed at this point.
According to Allied research analyst, Thomas Chasapis, the focus now, is as to what sort of contagion the recent trends are having on other parts of the dry bulk market.
Allied latest report says let’s have a quick look at the paper market, with its portrayal of a steep reverse in sentiment and the new market “standard” which is prevailing right now. In the Capesize segment the FFA 5TC-average index figure for the remaining 2019 is now roughly at US$ 11,200 pd, while just at the end of the previous year, the figure was in the region of US$ 16,304 pd, a decline of 31.3%. Taking the same comparison for the other main size segments, the trend is fairly similar. For the 4TC-average of the Panamax, the decline was 13.4%, for the 10TC-average for Supramaxes was 7.5%, and finally, the Handysize TC average had a downward correction of 10%. If these corrections seem “petty” (except maybe that of the Capesize), just imagine where these numbers would be if we hadn’t witnessed this last 2-week mini rally in the freight market for the Panamax (+16.3%), Supramax (+62.9%) and Handysize (+23.9%).
Thomas Chasapis noted, many would argue that the FFA market is not the best reflection of forward sentiment for the actual freight market, with the argument being that a different set of drivers influence FFAs, some of which are not core fundamentals of the actual freight market. In any case, taking new-building activity as a secondary indicator as to forward sentiment the overall picture seems to be relatively the same. Looking at the past 3-months, total new contracting activity for the dry bulk segment as a whole in terms of tonnage capacity was 6.12MMdwt. While during the same period one year back, the equivalent figure was 13.1MMdwt, indicating a drop of 53.3%. Certainly, the main share in this decline is mostly attributed to the Capesize segment, which in fact truly has the most problematic and puzzling outlook for the time being. Notwithstanding this, even if we take as an assumption that most interested parties have already adopted a more conservative attitude, the slide in terms of new investments is still clearly apparent.
As a final key measure as to the prevailing forward sentiment we could also take a peek at what we have seen in the Sale & Purchase market as of late. In the year so far, we are a seeing a drop of 37.8% in terms of number of transactions taking place compared to the same period back in 2018, while in terms of total tonnage capacity this drop amplifies to 40.4%, also reflecting in part the shift in preference towards the smaller size segments. Moreover, if it wasn’t for the robust activity noted in the Panamax segment, nourished in part by the plethora of sales candidates circulated as of late in the market, we would be facing a significantly bigger drop. So, given that there isn’t the necessary optimism and/or appetite to push things further at this point, there is a general lack in confidence to push for any “bargain” hunting either. The correct description here therefore seems to be a that of a market in a “stand still”, something that may well prove to be more perilous than a market that has a clear direction even if that direction is one of a downward spiral.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- The University of Queensland
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
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