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Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
 Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Research Analyst of Allied Shipping says, at the end of 2018, we were noting strong levels of optimism and bullish sentiment for the year that lay ahead, especially when given the overall recovery that had been noted in 2018 and 2017, whilst most core index figures finished at relatively good levels. Given these positive trends, for most, 2019 was set to also be a year of general upward momentum, inline somehow with the perceived perception that fundamentals were still improving and there would be more balanced and sustainable dynamics witnessed in the market. Even for those that held a more conservative view as to how things would transpire, few would have called the steepness of the downward correction noted, the increased volatility or the continuous shifts in sentiment that characterize the current market.
After more than 3 months of being stuck in the doldrums, Thomas Chasapis says, with volatility rising for the first quarter of this year by 178% compared to the same time frame back in 2018 (using standard deviation), we finally saw the BDI pass above the 1,000 basis point mark once more (a point last held at the end of January). Even if you consider this recovery to be momentary and driven mainly by the recovery noted in the Capesize segment, it still represents a huge “breather” for the overall dry sector.
Taking this last point, it is interesting to see the BCI trends of late in more detail. The BCI time charter average closed on Friday at US$ 11,182/day, while just a month prior, it had reached its lowest level (since 2016) of 3,460 US$/day, as such placing the recovery gain in the region of 223% in almost 1 month. If this doesn’t sound so impressive, the BCI index made an even more impressive jump, going from a low point of 92 basis points at the very start of April, up to 1,290 points (14 times higher!).
Furthermore, Research Analyst of Allied Shipping noted that, adding a taste of forward sentiment coming through the paper market, a considerable boost was noted not only for FFA contracts for this year, but also for the calendar years of 2020 and 2021. Notwithstanding this, there is still a fair bit of road ahead before we start witnessing any sort of rebalancing in this segment. The turmoil derived from the Vale incident a few months back continues to shake the market, while now, given that most parties involved are now in the process of adapting to the new market realities, we can expect huge levels of volatility and asymmetries for the rest of the year (at least). Moreover, even if we assume an increase in demand for iron ore in the near term and that it will be absorbed completely by the other main exporters (such as Australia), we will still be left with a tremendous gap in tonne-miles which will continue to add an excessive amount of negative pressure on freight rates.
All-in-all, while leaving aside the rather mediocre state being portrayed right now in the dry bulk sector in terms of earnings, the point that troubles most is the overall feeling of uncertainty surrounding the market. Moreover, given a potential 25% levy to be imposed in US imports from China by this Friday as mentioned by President Trump’s tweets on Sunday, it is obvious that we will continue to face random and unpredictable shocks, with tremendous consequences to the overall state of the freight market. With all being said, even under good and strong fundamentals (i.e. balanced supply-demand dynamics), it is very difficult at this point to make any confident assumptions as to what direction the market will take next, even on a short-term basis.
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Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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Showing 1406 to 1410 news of total 6871 |
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- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- The University of Queensland
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Planning Commission, India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
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