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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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Monday, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
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- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- VISA Power Limited - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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