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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$6,110 per day net respectively in the first quarter of 2015, representing a 45% reduction in average rates compared to the same period last year. Newbuilding deliveries deferred from 2014 into January and February coincided with the lunar new year holidays seasonal demand slowdown in China and seasonal export disruptions in key trade areas. Together, these pulled the Baltic Dry Index (BDI) to its lowest since indices began in 1985. However, spot market rates for Handysize and Handymax vessels have gradually improved since lunar new year, albeit from a very low base”, concluded Pacific Basin”.
Lazaridis concluded his analysis by noting that “all this put together allows for better prospects and in essence lower risk while providing comparatively similar asset play returns (in percentage terms) with that of the larger sizes. To close off, it is always worth noting that there is a bright side to every market slump as there is also a dark side to every market boom. Both need caution and proper estimating of the kind of risk/reward one engages with”.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
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- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
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