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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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- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Planning Commission, India
- Australian Coal Association
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
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