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