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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Planning Commission, India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Parliament of New Zealand
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
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