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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, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- The University of Queensland
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Australian Coal Association
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Planning Commission, India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
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