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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, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- PTC India Limited - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
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