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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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Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
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