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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, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
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- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Planning Commission, India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Australian Coal Association
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Indogreen Group - Indonesia
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