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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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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- The University of Queensland
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
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