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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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Friday, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
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