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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, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
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- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
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