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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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