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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, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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 ...
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- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
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