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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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Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
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- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Wilmar Investment Holdings
- White Energy Company Limited
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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