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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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Saturday, 04 April 15
BORYEONG POWER OF KOMIPO TO BUY TOTALED 695K MT OF HIGH AND LCV COAL
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 500000 Metr ...
Friday, 03 April 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.3 million short ...
Friday, 03 April 15
TOBA BARA'S PANDU SJAHRIR ELECTED AS NEW CHAIRMAN OF THE INDONESIAN COAL MINING ASSOCIATION
COALspot.com: Pandu Sjahrir, the Vice President Director & CFO of the Jakarta-listed PT Toba Bara Sejahtra — a subsidiary of PT Toba Seja ...
Thursday, 02 April 15
GOVERNMENT MUST WORK WITH MINING, NOT AGAINST IT - PANDU SJAHRIR
The Coal Face: The coal price has hit its lowest point in recent memory
My father used to say to me that his children are his biggest inv ...
Thursday, 02 April 15
NEWBUILDING ORDERS FOR DRY BULK CARRIERS "DRY" UP
Newbuilding ordering activity remained subdued over the course of the past week, as ship owners are wary of adding further tonnage to an already pr ...
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- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
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