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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, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
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, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
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