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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, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
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- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
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