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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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