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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Planning Commission, India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- The University of Queensland
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
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