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Friday, 10 April 15
DRY BULK MARKET'S DOWNFALL ALSO OFFER INVESTMENT BARGAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Dry bulk market rates have fallen to historical lows over the past few weeks, with no clear path of recovery, at least in the near term. As such, most ship owners are finding themselves caught “between a rock and hard place”. But is it really this the case? Some shipbrokers believe that the current market environment has also one important side effect, the fall of asset prices, which means that dry bulk ships are getting cheaper by the day. As such, cash-rich ship owners could easily take advantage of knock down prices, especially as more and more distressed sales could emerge in the coming weeks.
According to the latest report from shipbroker Allied Shipbroking, “while dry bulk owners start to feel that they have managed to get out of one bad patch, everyone starts to point at yet another up ahead. It seems to be a perfect storm unfolding and one that many will claim was more than expected. Yet amidst poor sentiment in the freight market is were real opportunity is born. The market will eventually recovery and those who manage to take the right pickings during the bottom are often herald as the pioneers and holders of true foresight of what lays ahead. However it is never as clear as that. Taking on any investment decision, as things stand now, seems to be bor-derline crazy. Earnings are hovering at around OPEX levels, often with owners search-ing into their own pockets in order to cover the cost of voyages they have fixed”, said Mr. George Lazaridis, Head of Market Research & Asset Valuations.
He added that “amidst all this pessimism is where you will also find sufficient discounts in the prices of secondhand assets which will provide the ample promise for reward that would com-pensate the current risk. One such size segment that shows to have a good ratio of risk against potential reward is that of the Hadysize vessels and particularly modern vessels on the larger end of the size spectrum (ie.35-38,000dwt). Prices for these assets have never been lower and compared to placing a new contracting on one of the “hungry for orders” shipyards, the discount is more than enough. At a price of US$ 13.5m for a 5 year old unit you get a discount of close to 40% which is equal to close to 8% deprecia-tion in value per year. But one may ask, why is this any different to the larger Supras and Panamaxes which offer similar if not better discounts on modern units?”.
“Handysize vessels seem to hold one more ace up the sleeve. Last month we witnessed yet another drop in size of the fleet in terms of number of vessels. The fleet now stands now stands at 2,437 which is only 3 more vessels then what there was on the 1st of January 2015. This becomes all the more noteworthy when you consider that this has happened during a period in the year were new building deliveries are more intense (everyone wants to benefit from having their vessel written as built in the new year), while also worth noting is the limited orderbook compared to the strong number of vessels in the fleet which are currently over 25 years of age”, said Lazaridis.
Earlier in the week, ship owner Pacific Basin, which is focused in the smaller ship classes, said that “in the Handysize and Handymax segments, where “market spot rates averaged US$5,070 and US$6,110 per day net respectively in the first quarter of 2015, representing a 45% reduction in average rates compared to the same period last year. Newbuilding deliveries deferred from 2014 into January and February coincided with the lunar new year holidays seasonal demand slowdown in China and seasonal export disruptions in key trade areas. Together, these pulled the Baltic Dry Index (BDI) to its lowest since indices began in 1985. However, spot market rates for Handysize and Handymax vessels have gradually improved since lunar new year, albeit from a very low base”, concluded Pacific Basin”.
Lazaridis concluded his analysis by noting that “all this put together allows for better prospects and in essence lower risk while providing comparatively similar asset play returns (in percentage terms) with that of the larger sizes. To close off, it is always worth noting that there is a bright side to every market slump as there is also a dark side to every market boom. Both need caution and proper estimating of the kind of risk/reward one engages with”.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 22 May 15
FOB INDONESIA COAL Q3'15 SWAP FINISHED THE WEEK UP 38 CENTS TO $43.65 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, past week.
The Q3 swap was declined US$ ...
Friday, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
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- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- VISA Power Limited - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- MS Steel International - UAE
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