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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, 07 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.96 PMT; DOWN 8.40% M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has declined U ...
Monday, 06 April 15
INDONESIA'S HBA FIXED AT US$ 64.48 PMT FOR APRIL DELIVERY; DOWN 4.84% M-M
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 64.48 per MT in Apr ...
Monday, 06 April 15
FOB NEWCASTLE COAL SWAP DECLINED 12% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 6.23 per MT (-12%) month over month and US$ 0.86 (-1.85%) week ...
Monday, 06 April 15
CFR SOUTH CHINA COAL SWAP FALL CONTINUES
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.96 (-10.37%) per MT month over month and US$ 0.98 (- ...
Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
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- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Australian Coal Association
- ASAPP Information Group - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
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