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