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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$6,110 per day net respectively in the first quarter of 2015, representing a 45% reduction in average rates compared to the same period last year. Newbuilding deliveries deferred from 2014 into January and February coincided with the lunar new year holidays seasonal demand slowdown in China and seasonal export disruptions in key trade areas. Together, these pulled the Baltic Dry Index (BDI) to its lowest since indices began in 1985. However, spot market rates for Handysize and Handymax vessels have gradually improved since lunar new year, albeit from a very low base”, concluded Pacific Basin”.
Lazaridis concluded his analysis by noting that “all this put together allows for better prospects and in essence lower risk while providing comparatively similar asset play returns (in percentage terms) with that of the larger sizes. To close off, it is always worth noting that there is a bright side to every market slump as there is also a dark side to every market boom. Both need caution and proper estimating of the kind of risk/reward one engages with”.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
Tuesday, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
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- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- The University of Queensland
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
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