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Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
 At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight without some sort of mention would be a major disconnect with the current reality being faced. As of late, the “eye of the storm” of this pandemic is now firmly over Europe and the US (a very large share of the world’s largest economies), while it seems that we are ever further away from any end in sight right now, said Thomas Chasapis, Research Analyst, Allied shipping Research in his last weekly report.
Allied research further said, putting the focus back on to the shipping industry, during the 1st quarter of the year the setback noted on the whole of the dry bulk market has been considerable in more ways than one. Just to begin with, it has been the worst quarter noted for more than 3 years now, with most indicators pointing to the fact now that the recovery cycle that has been taking place over the past 3 years may well have come to an abrupt end. More emphatically the any other size segment, it is of note that the Capesize market has seen a close to 80% reduction in its BCI 5TC -3month average figure as of now, reflecting in its most part, how problematic things have been for this size segment.
In terms of the other major size segments in the dry bulk market, Thomas Chasapis noted that, things don’t seem to have been as dramatic in terms of earnings, though we should point out the relative “clampdown” being noted in the second hand market for a while now, underlining the damaged sentiment that is currently being shared amongst most market participants and possibly pointing towards a further downward pressure in freight rates to be in sight in the near-term. At the same time and given that asset price levels (though taking note that we are witnessing limited activity right now) have yet to show any sharp correction, this deterioration in sentiment may well be limited. As to how long this could last remains to be seen, while given the shared opinion that is being expressed right now of a considerable market rally to be noted down the line (later in the year), we may well note a possibility that any such price correction, or at least any significant one, may well never arrive.
He further noted that, given that we are functioning under a tail risk event, things are even harder to “predict”. Yet it is worth noting that any major step back in the global economy would result in an equal or even more severe drop in seaborne trade as well. However, even if total annual traded volumes were to fall, the amassed volume of cargoes that will accrue from the extended period of business disruptions could create an asymmetrical distribution in earnings, that may prove to be enough to shift average annual earnings back to more “optimistic” levels. In other words, the rebound in the freight market during the latter part of the year could be equally impressive to the drop noted now. On the other hand, it is worth noting that there is a significant unknown as to the timing of this as well as to its extent.
Many in the shipping industry are coming face to face now with very difficult decisions for the upcoming period. As things stand they can either take the choice to remove some the risks they hold under these mediocre to poor market conditions being faced, or they could chose to push their credit and cash flow to their limits and take the long shot of a steep upward return they may or may not take place at some point down the line, Thomas Chasapis concluded.
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Friday, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- The Treasury - Australian Government
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
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