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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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Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- The University of Queensland
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
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