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Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
 It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the start of the year, it was one of the favorite topics amongst participants in the shipping industry how challenging 2020 would be. However, no one could have guessed the level of this challenge. With some certainty, we can argue that Covid-19 spread will be a strong test, from a social, as well as an economical perspective. Instead of making further assumptions as to how the virus outbreak may or may not affect different market aspects, we could take things from a different angle and view hoping to better understand how different mechanisms are currently reacting to this unique situation, Thomas Chasapis, Research Analyst of Allied shipping Research said in his latest weekly report.
Thomas Chasapis further noted that, the global economic slowdown seems to be the inevitable outcome, emphatically evident from the recent trends being portrayed in global markets. Beyond this, the real question is as to how big this step back will eventually be. Week over week all forecasts regarding economic development and macroeconomic trends seem very prone to downward revisions, given that the virus spread seems to be more dynamic and unpredictable as time goes by. A glimpse of optimism was noted during the past weeks, given the decreasing rate of new cases testing positive to the COVID-19 virus in China. However, witnessing the hefty growth in cases reported in Italy (and across Europe), a strong wave of doubt and uncertainty has firmly hit the general economic environment. The discussions surrounding a wider quantitative easing will certainly help stabilize financial markets, a tool that has helped in many cases of severe downward pressure in the past. Regardless though of the effort made by central institutions and given the unpredictable time duration of this tail risk, it will eventually be a unique test as to the credit risks present in the financial industry. Furthermore, witnessing the steep collapse of more than 30% in oil price, the scene has become even more volatile. Theoretically, "cheap" oil would be a boost for growth and consumer spending power. However, when overall demand is, to say the least, fragile, in what way this "abundant" supply could affect the real economy seems rather questionable.
How does all the above translate over to the shipping industry? Thomas Chasapis, Research Analyst of Allied shipping Research says, certainly, the anticipation of a major step back in economic growth (which means respectively a significant slowdown in seaborne trade), can't be under any case be considered a "good" sign. A somehow opposing argument to this is the fact that dry FFA long-term contracts have increased since the beginning of the year. Maybe, this is just an optimistic opinion shared by a small minority, or maybe the fundamentals are strong, and this periodical affect is unrelated to the macro economical prospect of the dry bulk sector.
In any case, given the mixed macroeconomic environment, it would be wise to focus for the time being on the near-term picture noted in the dry bulk sector. The past couple of weeks the market seems to be in a state of transition, seemingly in a process of recovering from a freight market bottom (especially for the medium size segments – Panamaxes and Supramaxes). Time is the key variable here. As the virus spread doesn't seem to be yet under check, sentiment will turn ever more negative, while extra pressure will be applied to cash reserves and cash flows as well as to daily operating activities. On the other hand, the window of a steeper upward potential is growing, given the higher slippage rate of cargo volumes that potentially could take shape. This may well mean that we could see exaggerated returns take place from the early onset of the summer period.
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Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Australian Coal Association
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Planning Commission, India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- PTC India Limited - India
- Singapore Mercantile Exchange
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