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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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Tuesday, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
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- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- The University of Queensland
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
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