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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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Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
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 fell US$ ...
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- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
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