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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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Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
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- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
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