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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, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
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- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- The University of Queensland
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
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