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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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Thursday, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
Thursday, 16 April 15
INDIA: COAL IMPORTS RISE BY 33 PC TO 240 MT IN FY'15 - PTI
India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes.
“Coal import have gone up ...
Thursday, 16 April 15
CAPESIZE: THE SUPPLY AND DEMAND SIDE ARE NOW SUFFERING HEAVILY - FEARNLEYS
Handy
It seems to be some standoff between owners and charterers in both hemispheres this week. Owners are raising their rates while charterers a ...
Thursday, 16 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.67 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month.
The Q2 swap has declined US$ 1.90 (3.17%) m ...
Wednesday, 15 April 15
PORT OF NEWCASTLE SHIPPED 13.63 MMT OF COAL IN MARCH; UP 4.41% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.227 billi ...
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- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- PTC India Limited - India
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
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