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Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
 It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has been set alight, said Allied Shipping in its latest weekly report.
According to George Lazaridis Head of Market Research & Asset Valuations of Allied, there has been a growing bullish vibe being felt for several months now in this sector, generated by the successive decreases being seen in the orderbook-to-fleet ratio during the course of the past year and all indicators in the freight market pointing to an improved balance. He further noted that the order book to fleet ratio for the dry bulk segment as a whole has now dropped to 7.72%, the lowest figure we have seen in over two decades now. This plays an important role in dissipating concerns over the glut in tonnage supply that we have seen in the market, though this is only half the picture. During the course of 2016, many viewed the excessively low earnings being a directly caused by the excessive number of new buildings being delivered. Having witnessed both the drop in the order book and at the same time a considerable improvement in freight rates, one can easily make the presumption that the supply-demand balance in the market is improving and at a fairly good pace. During the course of 2017, freight rates have held at levels well above what we were seeing back in 2016 and even 2015, while the recent rally that boosted the Baltic Dry Index to above 1,000 points before the start of the grain season in the Atlantic, has only re-enforced the bullish views that have been held by many in this regard.
George Lazaridis further said, it is no surprise therefore that we have seen buyers quickly flocking back into the secondhand market with fears that they will “lose” the opportunities that are still present in the market. Despite the fact that prices have on average risen by around 50% since the low levels of March 2016, asset prices can still be considered to be fairly competitive compared to what we have seen historically since the late 90’s. As such and with earnings now providing the promise of better returns and positive cash flows for new purchases, you can see that there is excess possibility for further price gains to be noted over the coming months. What’s more is that during the time period where we faced some of the biggest difficulties in the freight market, newbuilding prices continued to hold at abnormally high levels compared to equivalent periods in the past. As such secondhand asset prices are at an even higher the normal discount against what it costs to construct a similar vessel. This leaves the conclusion that if earnings continue to stay at “good” levels it will be hard to see similarly low price levels in the future for similarly aged vessels.
All these conclusions are based on the assumption that we have reached a balance in the market and that demand will continue to grow at least at its current momentum, allowing for a continual improvement in the freight market, said George Lazaridis.
This is a fairly big if however, especially if you take a closer look at the volatility being noted in the commodity markets and the general uncertainty being played out in many of those economies that play a vital role in seaborne trade. Further shocks could derail this balance and bring another round of “pains”. Although this does need to be of concern, it seems that even if these negative scenarios play out their consequences to the market would be more minor and short-term then what similar events have caused in the recent past. As such one can’t blame those optimists out there and given the relatively lower risks that are in view, there are fair grounds to claim that opportunities are now much better than most that we have come by in the past 5 years.
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Friday, 02 March 18
ANGLO AMERICAN COMPLETES SALE OF ESKOM-TIED THERMAL COAL OPERATIONS IN SOUTH AFRICA
Anglo American plc (“Anglo American”) confirms completion of the sale of its Eskom-tied domestic thermal coal operations in South Afric ...
Friday, 02 March 18
MORE COAL INQUIRES FROM SOUTH AFRICA TO INDIA; SUPRAS FIXED CA $12K + BB - FEARNLEYS
Supramax
Better rates in Atlantic, but not too busy market just yet.
Black Sea catched improving rates for grain cargoes, where supras to Eg ...
Friday, 02 March 18
U.S. WEEKLY COAL PRODUCTION DOWN 2.7 PER CENT W/E 24 FEB, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Wednesday, 28 February 18
INDIA: TEPID COAL TRAFFIC TO HIT VOLUME GROWTH AT PORTS TILL 2022 - PTI
Cargo growth at the country’s major ports is all set to moderate to 3-5 per cent per annum over the next five years due to the “sedate ...
Wednesday, 28 February 18
MARKET INSIGHT - LINOS KOGEVINAS
US Shale production continues to grow rapidly, hitting new records and with projections being revised upwardly at every turn. According to the Inte ...
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- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Australian Coal Association
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
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