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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 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- The University of Queensland
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Planning Commission, India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
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