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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, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
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- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Planning Commission, India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- The University of Queensland
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
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