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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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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
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