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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, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
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