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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, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
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- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Central Electricity Authority - India
- Agrawal Coal Company - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
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