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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, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
Tuesday, 14 April 15
SUB-BIT FOB INDONESIA COAL SWAPS FOR Q4 DELIVERY CRASHES THROUGH $44
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.25 (4.77%) ...
Monday, 13 April 15
Q2 FOB NEWCASTLE COAL SWAP CLOSED AT $45.28 PMT; DECLINED 7.50% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.67 per MT (-7.50%) month over month and US$ 0.39 week on wee ...
Monday, 13 April 15
Q4 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 50.97
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.50 (-8.05%) per MT month over month and US$ 0.12 (-0 ...
Sunday, 12 April 15
INDONESIA TO INDIA FREIGHT RATE IS EXPECTED TO BE SOFT
COALspot.com: The freight market was steady, however the BDI was declined slightly week over week.
BDI dropped 1.36 pct and closed at 580 poin ...
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- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- PTC India Limited - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
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