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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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Friday, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- The University of Queensland
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Planning Commission, India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
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