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Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
 Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from shipbroker Allied Shipbroking, “mixed messages coming out of the secondhand dry bulk market this past week, with buyers and sellers seemingly split into two distinct camps, as the freight market gains momentum though still lacks to reach freight levels that can be considered long-term sustainable against the average OPEX levels noted in the market. On the back of all this, rumors had started to circulate that we had begun to see deals being concluded at slightly firmer prices compared to similar tonnage concluded a few weeks prior”.
According to Mr. George Lazaridis, Allied’s Head of Market Research & Asset Valuations, “the truth is that there has been increased resistance noted amongst sellers these past couple of weeks, while some buyers are expressing the opinion that the market is starting to turn, something that can to some extent be reflected by the fact that there has been a considerably increase in the number of active buyers taking on vessel inspections, a fact that on its own could drive prices up once again as competition amongst them heightens. Expectations have long been that we would see a recovery in secondhand asset prices long before earnings reach any sense of “lucrative”. This has mainly been in part due to the fact that given prices have reached well below anything seen during the past 25 years or more, there have been many in angst to take up buying options, feeling that there is a significant potential in asset price gains to be made once the market rebalances. The buy low – sell high strategy has always been a major part of the strategy composed by most Greek buyers as well as prominent shipowners around the world. As such there have been a growing number of suiters waiting in the background hoping to strike at the point where they believe would be the absolute bottoming of the market”.
Allied’s analyst also noted that “this distressed asset purchasing strategy has occurred several times in the past, sometimes to disappointing result (as an example one may look at the buying spree that took place during 2013), with even prominent distressed debt investors misjudging the downturn and as a consequence acting on prices which would later prove to be at considerable underestimates as to how low freight rates and prices could go. Sure it seems now as if prices and rates have been squeezed to their lowest if not fairly close to their lowest possible levels and even so, the given the past mismatched timing and more dire freight market conditions has led most buyers to take a more cautionary view up until now. It does feel however that we may well be close to the turning point in buyers sentiment, while it will only take a few in number to hastily pull the trigger in outbidding their competition with considerable premiums on last done, to eventual drive the rest of the buyers currently in the market into a buying frenzy and driving a rally (even a small one) out of their fear that they may have “missed the market buying opportunity” and have been left behind”.
According to Lazaridis, “there are other factors as well that will surely play their role during the current market. Recent trends in FOREX movements have supported the resistance provided by sellers at these price levels, while given the fact that earnings have shown a fairly good improvement over the past couple of weeks most sellers will be entering any negotiation with a completely different sentiment as to what their counterparts had done a month back. As a final note, it will be interesting to see if this upward pressure materialises in full and if it does, how well it will be able to feed a positive upward momentum under low freight market conditions and more specifically during courses in the year which are typically seasonal lows in the freight market, he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
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- Orica Mining Services - Indonesia
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- Minerals Council of Australia
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- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
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- McConnell Dowell - Australia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
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- Commonwealth Bank - Australia
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- Karbindo Abesyapradhi - Indoneisa
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- Mjunction Services Limited - India
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- Trasteel International SA, Italy
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- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Bulk Trading Sa - Switzerland
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- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
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- PowerSource Philippines DevCo
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- Coalindo Energy - Indonesia
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- Aditya Birla Group - India
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- Orica Australia Pty. Ltd.
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- GVK Power & Infra Limited - India
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- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
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- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Economic Council, Georgia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
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- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
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- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
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- Parliament of New Zealand
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- Alfred C Toepfer International GmbH - Germany
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- AsiaOL BioFuels Corp., Philippines
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- Semirara Mining and Power Corporation, Philippines
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- MS Steel International - UAE
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- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
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- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
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