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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, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
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- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- MS Steel International - UAE
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
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