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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, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
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- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
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