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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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Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
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- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
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