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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, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
Wednesday, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Planning Commission, India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
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