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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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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Australian Coal Association
- Planning Commission, India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
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