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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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Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Independent Power Producers Association of India
- MS Steel International - UAE
- White Energy Company Limited
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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