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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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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Planning Commission, India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
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