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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, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
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- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
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