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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Bhatia International Limited - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Economic Council, Georgia
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