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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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Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
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- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
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