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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, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Planning Commission, India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
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