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Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
 Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the present state of the market. However, to what degree is this a "fair" comparison to undertake right now?
According to Thomas Chasapis, Research Analyst of Allied Shipping Research the freight collapse of 2016 in the dry bulk sector has been a reference case for every discussion when the market has undergone any severe downward pressure. However, despite its excessive impact, it was a "known" situation, or to put it more bluntly, it was 'an accident waiting to happen'.
Thomas Chasapis further noted that, the excess tonnage capacity was the result of the massive new order activity that had taken place in years prior, as well as, the disconnected relationship of demand and supply fundamentals, eventually pushing freight earnings to their perceived absolute bottom. After that, the market started to adapt to this new market reality, with more modest orderbook activity and, for a time, massive scrapping activity. This "rebalancing" phase helped translate over to a 2-year period of ever-improving freight market conditions (with some minor corrections here and there), coupled by a more stable market with lower volatility. Suddenly though, from the later part of 2018 the picture was promptly altered. This high-risk environment is not something new for the shipping industry, nor are the periodical exaggerations and asymmetries in realized earnings.
However, Thomas Chasapis, said in his latest research report, having experienced a series of single shock events in such a short period of time, it comes naturally to question the robustness of the different business models. Tail risks and “black swans", won’t be just catch phrases, but a change in investment attitude while we enter a new "era" of how we quantify different kinds of market risks (and their likelihood of being fulfilled).
According to Allied, the COVID-19 outbreak has disrupted most business activities worldwide, with the possible outcomes being numerous and presenting multiple decision directions to practitioners. In other words, we are in a genuine situation, where an absolute comparison to previously noted similar excessive negative pressures would be, to say the least, misleading. Prior to the beginning of this year, the discussion revolved around the potential of a two-tier market unfolding, depending on what type of fuel each vessel would burn. As it turns out and from all that has transpired, we may be experiencing a multi-tier freight market. The Pacific market is in sharp negative territory in terms of earnings, while in the Atlantic, things are relatively more promising (even if not particularly good). Moreover, especially for scrubbers-fitted units, freight rates are following a completely different orbit than what is presented by the quoted Baltic freight indices. The asymmetrical freight market is one of the many bizarre things happening right now. With a certain time-lag, asset prices are likely to follow this steep downward correction (this has not fully materialized yet). With the market in disarray, where uncertainty is the prevailing sentiment, the mispricing of different asset classes is the obvious outcome. The bargain attitude, as well as, the short-term unpredictable outlook has created an excessive "bid-ask spread", indicating a market in distress, unable to properly price both the future risks and trends involved. 2020 has already shown to be a challenging year. Even with a very weak short-term outlook, the market may well absorb most of the negative side effects and eventually return to an upward track much sooner than many expect.
Despite this however, the longer-term macroeconomic trends are still troubling. China is already facing the possibility of losing around 0.5% points from its projected growth for this year, something that would translate over to a significant step back in global seaborne trade, Thomas Chasapis concluded.
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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Australian Coal Association
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
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