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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$6,110 per day net respectively in the first quarter of 2015, representing a 45% reduction in average rates compared to the same period last year. Newbuilding deliveries deferred from 2014 into January and February coincided with the lunar new year holidays seasonal demand slowdown in China and seasonal export disruptions in key trade areas. Together, these pulled the Baltic Dry Index (BDI) to its lowest since indices began in 1985. However, spot market rates for Handysize and Handymax vessels have gradually improved since lunar new year, albeit from a very low base”, concluded Pacific Basin”.
Lazaridis concluded his analysis by noting that “all this put together allows for better prospects and in essence lower risk while providing comparatively similar asset play returns (in percentage terms) with that of the larger sizes. To close off, it is always worth noting that there is a bright side to every market slump as there is also a dark side to every market boom. Both need caution and proper estimating of the kind of risk/reward one engages with”.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
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- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- The University of Queensland
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
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