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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
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