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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, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
Monday, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
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- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
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