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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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Thursday, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
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- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- PTC India Limited - India
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