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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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- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
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