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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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- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Australian Coal Association
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
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