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