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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, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
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- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- The University of Queensland
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
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