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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, 24 March 15
RICHARDS BAY COAL SWAP FOR DELIVERY Q2 CLOSED $ 1.87 HIGHER COMPARED TO Q3 CLOSING PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has dropped U ...
Tuesday, 24 March 15
ARGUS MEDITERRANEAN SOLID FUELS 2015 CONFERENCE | 2-3 JUNE, ISTANBUL
Press Release: Argus Media is proud to announce Argus Mediterranean Solid Fuels, which will be held in Istanbul,on 2-3February.
Argus produces ...
Monday, 23 March 15
IS OIL GETTING READY TO PLUNGE BELOW $40? - FORBES
KNOWLEDGE TO ELEVATE
In my last crude oil market update in late-February, I expressed my skepticism toward the oil price rebound. Since then, ...
Monday, 23 March 15
Q4' 2015 FOB NEWCASTLE COAL SWAPS DECLINED 6.79% M-O-M; 2.55% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.42 per MT (-6.33%) month over month and US$ 1.37 (-2.77%) we ...
Monday, 23 March 15
CFR SOUTH CHINA COAL SWAP: Q3 DELIVERY HAS FALLEN 7.93% MONTH-ON-MONTH
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.09 (-7.06%) per MT month over month and US$ 2.00 (-3 ...
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- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
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