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Lloyds List: Dry Bulk Shares Break Link With China the winner Dalian port closed ‘Sleepwalking’ in South Africa’s after blaze at towards tougher fuel World Cup boom Kingang oil terminal standards → Page 4 → Page 5 → Page 7 BALTIC DRY INDEX JANUARY 2009-JULY 2010 5,000 1,732 4,000 3,000 2,000 1,000 lloydslist.com | No. 60,218 | Tuesday 20th July, 2010 0 19/01/2009 19/07/2010 Leading maritime commerce since 1734 Source: Baltic Exchange NEWS HIGHLIGHTS Eurotunnel first-half revenues up Dry bulk Eurotunnel reported a revenues rise of 22% to €331m (429m) in the first half of 2010, against a background of “very aggressive” pricing from SeaFrance, €48m in blocked insurance payouts and a cross-Channel truck market still shares break 17% below 2008 levels ...................2 Navios eyes $587m VLCC deal Angeliki Frangou’s newly-operative link with BDI tanker spin-off, Navios Maritime Acquisition, has lined up a $587m Experts advise shunning capitalisation-weighted index of 500 deal to acquire actively traded stocks. Dry bulk shares so seven very large so-called bellwether far this year had a 32% correlation with the crude carriers from index after ‘decoupling’ BDI, while the correlation with the S&P 500 Go figure: so far this year dry bulk shares have shown only a limited correlation with the BDI. AP Vanship Holdings, increased to 82%. the joint venture founded by Fred Cheng from listed companies “We expect shipping stocks to maintain today are no longer pure dry bulk, pure spot influence the index. Dry bulk shares at and the late Charles Vanderperre........3 this correlation to the broader markets in players, having diversified into other current levels have priced in this realisation RAJESH JOSHI — NEW YORK the near term, so we continue to suggest sectors and fixed long-term charters.” as reflected in one-year and two-year Qatar in line to help CMA CGM that investors actively trade sizeable upside Mr Slater said the near-100% correlation forward freight rates and are not swayed by THE Qatar Investment Authority remains THE behaviour of dry bulk shares this year, and downside moves in high-beta shipping between the BDI and dry bulk shares in the the day’s BDI alone, he said. the front-runner to bail out CMA CGM which has mirrored the wider market more stocks,” Oppenheimer advised. boom market was partly triggered by equity Another reason for share prices de- despite stark differences between the two than the Baltic Dry Index, has exposed the First International chairman Paul Slater analysts laying far more emphasis on the coupling from the BDI is that institutional sides over corporate governance that limitations of the so-called bellwether index said: “Hallelujah. Dry bulk shares are BDI than was warranted. He said the BDI investors have lost interest in the sector, Mr emerged last week..........................3 as the proxy for the whole sector. finally coming to their senses, by tracking was an illogical figure, derived by a handful Burk said. This means share prices move Investors seeking positive returns on something that reflects actual investor of brokers and “sometimes based on as little based on retail demand, which tend to Secondhand capesizes hit listed companies are better advised to sentiment.” as one voyage fixed the previous day”. reflect broader market sentiment. Activity in the capesize sale and downplay the BDI and track wider market Compass Maritime Services managing “This could mean they looked at six Another source, speaking on condition purchase market has ground to a halt sentiment, experts said. director for projects and finance Basil fixtures, out of the 2,000 or so we have. And of anonymity, said: “In the last year we have as a dire charter market and daily rates The advice is based on several factors, Karatzas said a reason for the U-turn was all of these would be spot — we do not have seen companies with less than stellar that barely cover operational costs give including listed dry bulk companies’ the “over-use” of the BDI as proxy at the top period fixtures in there,” Mr Slater said. managements make highly dilutive share little incentive to investors..............8 greater reliance on period charters, of the market. He cited the anecdote of Mr Burk added: “In addition to the short- issues designed for the company’s survival diversification by some into other industries Aegean Marine Petroleum, a bunkering term orientation of the BDI, I also see it as a more than anything else. In this situation, and the advent of smaller and illiquid company, whose share at one point in pre- better proxy for Chinese demand than the there is no incentive for strategic investors companies that do not command hedge recession years was said to be 100% world economy. It is problematic to consider to play market fundamentals. 29 funds’ attention as before. correlated with the BDI. the BDI as the best proxy for the world “This deterioration has caused Oppenheimer analyst Scott Burk “Now the market is moving to the other economy.” investment in dry bulk shares to mirror the highlighted the “decoupling” with the BDI. extreme, recognising that the BDI is not the Mr Burk expects the BDI to wider market, as people have understood From 2005-2008, dry bulk equities complete proxy for the sector,” Mr Karatzas underperform against world growth in the that neither the BDI nor such moves by displayed a 95% correlation with the BDI said. coming two years, because of the growing these companies have anything to do with 9 770144 820420 and a 50% correlation with the S&P 500, the “In addition, many dry bulk companies dry bulk ship supply that would negatively the industry.” n Netherlands warns IMO of asbestos in newbuildings THE Netherlands has raised the issue of it clear that it is referring toCaroline ship was misleadingly declared asbestos that only a few people are aware that ship, which will be an enormous job as asbestos on newbuildings at the Essberger, the 2009-built, 8,400 dwt vessel free. asbestos is still applied on ships worldwide, already mentioned.” International Maritime Organization, after operated by John T Essberger of Dordrecht. According to the IMO draft report: “The notwithstanding the ban on the use of it.” Meanwhile, Anglo-Dutch seafarer union Lloyd’s List revealed that a chemtanker The material has been banned on ships [Dutch] delegation reported that they were, The Netherlands further indicated that Nautilus International is to draw the issue delivered by a Turkish yard to a Dutch constructed since 2002, under the terms of recently, confronted with a newbuilding once the Ship Recycling Convention comes to the attention of the UK labour movement, owner contained substantial quantities of the Safety of Life at Sea convention. But ship, provided with statutory certificates, into force, there will be an obligation for and will table a resolution on the use of the material, writes David Osler. classification societies and specialist and with an asbestos-free declaration, that ships to undertake an ‘investigation of asbestos on ships at the annual conference Impending regulatory changes might asbestos removal concerns have testified appeared to have more than 5,000 gaskets hazardous materials’, known as an IHM. of the Trades Union Congress in Manchester mean that asbestos would have to be that it is still being employed by many containing asbestos in the piping systems “Within the scope of this IHM, special in September. removed from ships prior to scrapping, shipyards, particularly in China. on board. attention should, then, be given to asbestos- “We are outraged that the substance is which would represent a “real challenge”, The report makes clear for the first time “They were found all over the ship and it containing materials and there may be a still being found in extensive use, so long the delegation warned. the full extent of the problems with Caroline took almost half a year to remove all these real challenge when and if, on ships after Solas rules were supposed to have While the draft report of a meeting of the Essberger, revealing that it took as long as gaskets and to replace them with asbestos- delivered after July 2002, asbestos is found curtailed its use,” a Nautilus spokesman IMO’s flag state implementation six months to remove the huge quantity of free gaskets. From this case, the on board, as these ships will not comply said.“We are looking for a new wave of subcommittee earlier this month does not asbestos on board the vessel, built by Eregli Netherlands learned that asbestos is still with Solas requirements, and, therefore, all concerted international action to stamp out name the ship involved, the context makes shipyard in Turkey. It also confirms that the available and used for ships’ purposes and asbestos will have to be removed from the its use.” n lloydslist.com bringing you maritime news as it happens 2010 enrolments As the industry recovers after tumultuous times, close 31st August make sure you have the tools to spearhead its recovery. For those aspiring to the pinnacle of executive management. Designed specifi cally for the shipping and logistics sectors, the programme provides an internationally recognised, highly relevant qualifi cation with immediate application. Email: [email protected] Visit: www.mba4shipping.com/LP0051AA101 Tel: +44 (0)20 3377 3209 Quote VIP Code LP0051AA101 Lloyd’s and the Lloyd’s Crest are the registered trademarks of the Society incorporated by the Lloyd’s Act 1871 by the name of “Lloyd’s” 2010-2012 The distance learning MBA for the maritime sector.
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