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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, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- The University of Queensland
- Parliament of New Zealand
- Ministry of Transport, Egypt
- PTC India Limited - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
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