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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, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- VISA Power Limited - India
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- The University of Queensland
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
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