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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, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
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- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Posco Energy - South Korea
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- The University of Queensland
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
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