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Unbelievable rise! In what Canadian bourse this stock (VYGR.CN?) is traded?
In USA it is only in OTC list or?
Look where people are most satisfied of their country, and draw the conclusions:
https://worldpopulationreview.com/countries/happiest-countries-in-the-world/
Accredited Investors does not mean us. I don't get why is it touted here, when it has nothing to do with common shareholders.
Here's the audio report of the court session available:
https://filebin.net/4i0vq1fpbqid1ecw
Of course not voluntarily - they must be forced to it by court. If possible remains to be seen.
Exactly! Years of empty promises of distributions have not helped us in any ways. Now we have a chance to get at least some more serious information about our situation.
No need to try to blame Alice. There would have been no distributions - perhaps something will be distributed in the second half - not sure about that either.
Did you think there would have been any payments for 19-22 classes before six months? What payments would that have been?
She will get out a lot of important information with this.
Spot on, BBANBOB. We have to wait for a couple of quarters with decent results before we can see the price rise.
The court ignored the whole report.
KKR & Co 2Q 2015 earnings report
https://finance.yahoo.com/news/kkr-co-l-p-announces-110000555.html
As you wish, pussycat
Yes, I am getting those disturbing pop-up ads. They only pop-up on iHub -site. Part of them seem to come from Appstore! How to get rid of those ads iHub?
Tuesday's Panel hearing really was a dog and pony show if it's purpose was to investigate the role of high risk mortgage lending in the financial meltdown. It seemed they found only one reason: Washington Mutual's option ARMs and subprime mortgages took the economy over a cliff.. They should have taken a broader look at the day's item, and not only concentrate on WaMu. Mr. Levin lost control of the hearing totally.
Not a word how such kind of toxic mortgage lending ever came to happen. What caused such fraud and greed?
Not a word about the rapidly growing housing bubble, nothing said about the governement new regulations to get houses to low-income citizens, nothing about rates kept artificially low by FED in years, about FED lending money at even lower rates to banks and financial institutions, which, using 30-60 time leverage, could push so much money in phony "financial tools" to the market that there were more money to chase less houses, so bubble was ready. And nobody noticed anything because house prices would always be higher next year.
I hope they noticed the zero results of the first hearing, and will examin more cases than only WaMu in next sessions.
Huffington Post is asking for more information. There's an article about the Tuesday's Senate Panel, and it seems they have very one-sided information of the WaMu case. I have seen many excellent posts on this board, so please send them your opinions.
At the end of the link they ask "Do you have information about this story? Send us a tip or submit a correction."
Huffington Post has enormous number of readers, so it could be usefull to keep that forum informed.
http://www.huffingtonpost.com/2010/04/12/wamu-executives-knew-of-r_n_534800.html
Ships are lining up in Australia's coal exporting ports again. 40 ships waiting for to load in Newport, Australia.
That's like in good old days...
Golden Ocean seeks to cut newbuilding exposure
Tony Gray/Lloyd's List - Monday 1 December 2008
John Fredriksen's Golden Ocean is seeking to reduce its $1.6bn newbuilding exposure
DRY bulk shipping specialist Golden Ocean is seeking to reduce its $1.6bn newbuilding exposure at the same time as putting together a financing package that will help the company survive a persistent downturn in the freight market.
The John Fredriksen company’s gameplan was disclosed along with third quarter results which show net income more than doubled to $118.7m from $52.9m in the like period of last year, or to $0.43 from $0.20 on a per share basis.
However, the advance reflected a gain of $54.4m on the sale of one panamax newbuilding delivered from China’s Jiangsu Rong Sheng Heavy Industries and one capesize newbuilding delivered from Daehan Shipyard in South Korea.
Golden Ocean said the fourth quarter would “continue to show positive operating income,” based on the “strong” charter coverage.
“However, the company’s main focus will be to monitor a tight liquidity situation caused by a very weak spot market and a difficult financing environment.”
Golden Ocean, which has a newbuilding programme of 30 vessels, is seeking ‘amendments’ to its contracts.
“The purpose of such a discussion is to reduce, postpone or achieve financing for parts of this newbuilding program and thereby improve the company’s liquidity position,” the company said.
“A constructive dialogue has been established with the yards; however, no results have so far been achieved.”
Golden Ocean said about 55%of the remaining newbuilding programme had committed financing.
Out of the $385m in capital expenditure payable in 2009, 76% had already been financed.
“The company has a good dialogue with the banks in order to achieve a resistant total financing package which can make the company less vulnerable if the market continues to be weak for some time,” Golden Ocean said.
“Such a package will, however, be dependent of cancellation and or postponement of part of the newbuilding programme.”
GDOCF.PK cuts dividend - NOK 4.40 = $0.62 in Oslo now
GOGL - Interim Results for the Quarter ended September 30, 2008
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports net income of $118.7 million and earnings per share of $0.43 for the third quarter of 2008. This compares with net income and earnings per share of $52.9 million and $0.20 respectively for the third quarter of 2007. Total operating revenues for the third quarter were $309.8 million, total operating expenses were $242.3 million and net other expenses were $3.1 million. Included in the third quarter results is a gain on sale of assets of $54.4 million. This relates to the two previously announced sales of one Panamax newbuilding delivered from Jiangsu Rong Sheng Heavy Industries and one Capesize newbuilding delivered from Daehan Shipyard in Korea.
Golden Ocean reports net income of $373.4 million for the nine months ended September 30, 2008, equivalent to earnings per share of $1.35.
Cash and cash equivalents decreased by $71.9 million during the quarter. The Company used cash in operating activities of $14.6 million, received $16.7 million from investing activities and paid $74.0 million in financing activities. Investing activities include part payments on newbuilding instalments of $101.9 million and proceeds from the sale of assets of $165.9 million. During the third quarter the Company repaid $89.4 million in debt and borrowed an additional $137.3 million.
In view of the current financial market conditions, the Company's newbuilding commitments and the Company's liquidity position it has been decided not to declare a dividend for the third quarter of 2008.
At September 30, 2008 the total number of shares outstanding in Golden Ocean was 276,990,107 of $0.10 par value each.
The full report is available in the enclosed attachment.
December 1, 2008
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
Questions should be directed to:
Herman Billung: CEO Golden Ocean Management AS
+47 22 01 73 40
Geir Karlsen: CFO Golden Ocean Management AS
+47 22 01 73 53
Published: 08:14 01.12.2008 GMT+1 /HUGIN /Source: Golden Ocean Group /OSE: GOGL /ISIN: BMG4032A1045
Dockwise Secures USD 45 million in Near- and Mid-term Contract Awards
Bermuda, November 28, 2008. Dockwise Ltd. announces nine near and midterm contracts awarded to its subsidiary, Dockwise Shipping, for the transportation of jack- up and semi submersible drilling rigs, dredging equipment and various other cargoes. Total revenues for the contracts are approx USD 45 million.
On behalf of Noble Drilling, Dockwise Shipping is to transport the drilling rig Noble Roy Butler to its new assignment in the Gulf of Mexico. Following the recent announcement that Dockwise had been contracted to transport the Noble Carl Norberg to the same location, both jack-up rigs will travel in a single journey aboard the same vessel, thus optimizing mobilization time and cost. On behalf of various other clients, Dockwise Shipping will transport three jack-up drilling rigs to Malaysia, China, and Dubai. Turning to more varied cargo, Dockwise Shipping has been contracted to transport a dredging cargo to Saudi Arabia, the KS Titan 2 liftboat to Rotterdam as well as a workover jack-up to Gabon. All projects are for execution in the final quarter of 2008.
In 2009, Dockwise Shipping will transport the semi-submersible West Setia for Seadrill from its present in-yard location in Singapore to West Africa.
In 2010 the newbuild semi-submersible production platform Delba III will be transported to Brasil.
Dockwise's CEO André Goedée said:
"This is encouraging news. The spot market for drilling rig transportation continues to be in good health, and our income to be supplemented by revenue streams from other cargoes. Realizing the strongest quarter ever would be a fantastic stepping stone into 2009. In addition, we are now only a few months from commencing a major programme to utilise our strong free cashflow to pay down debt."
Contact:
Fons van Lith
+31651314952/+1441 5991818
Fons.van.lith@dockwise.com
Notes for Editors:
About Dockwise Ltd
Dockwise Ltd. has a workforce of more than 1200 people both offshore and onshore. The company is the leading marine contractor providing total transport services to the offshore, onshore and yachting industries as well as installation services of extremely heavy offshore platforms. The group is headquartered in Bermuda with amongst others operational offices in Breda, The Netherlands. The group's main commercial offices are located in The Netherlands, the United States, China, Korea, Australia and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has offices in France and Italy. The Dockwise Shipping network is supported by agents in Japan, Singapore, Spain, Argentina, Australia and Italy.
For further information: www.dockwise.com
How a shipping container can tell the story of global trade?
The Box - a program by BBC
Are you interested to know how the world economy works, what the trade globalization really can be? BBC is making a serie of programs describing the travelling of one container all over the world during one year. The program started in September 2008 from Southampton - with a container called "BBC News", carrying 25.000 bottles of whisky - and headed to Shanghai. The program explains how the container was filled, how it was loaded on the ship, how it was unloaded and transported to a Shanghai warehouse etc. Now the container is on its way to Singapore. BBC will track the voyage of this container for one year, and you can follow on a map the travel on BBC site. If you like to see how a giant harbor works, they'll explain that too.
http://news.bbc.co.uk/2/hi/in_depth/business/2008/the_box/default.stm
Enjoy!
There has been quite a lot of cancellations of newbuilds this year.
Take a look at StarBulks report from November 2008 - page 14 - where they list in all 335 vessels cancelled by now.
http://starbulk.com/files/sblkpres1108.pdf
Some specialists say, that a big part of ships, which should be delivered after 2009, will be cancelled. All ships built in 2009 will come to the market - they cannot be cancelled any more -, but after that the orderbooks will shrink considerably.
Who knows. Rumours are circulating that many shipyards will go bankrupt (Pipavav!), and if the economies do not start recovering soon, massive cancellations will happen.
Hello Milner,
I copied GOGL's fleet list with charter-out contracts from a Norwegian message board. The writer "fcras" has digged out the contracts, and it does not seem bad for GOGL at all:
(I do not translate the few Norwegian words on the list - I guess you will understand all the terms used - I think they resemble very much the English terms. If not, please ask me)
- - - -
GOGL__Fleet list / Charter-out kontrakter pr 7 nov..08__
:
GOGL har oppdatert fleet listen deres 7. nov.2008 > http://www.goldenocean.no/fleetlist/
----------------------------------------------------------------------------------------------------------
Oppdateret: 18 nov.08 > se "Golden Heiwa"
----------------------------------------------------------------------------------------------------------
Golden Ocean Fleet pr 7 nov. 2008 – Charter-out kontrakter
Navn – byggeår – fra / Charter-inn / til /år – (Break even)
----------------------------------
OWNED VESSELS
CAPESIZE - aktive
Channel Alliance 1996 - 25.000 / til jan 11 (12.500)
Channel Navigator 1997- fra dec 05 /45.000 / til dec/08 – fra apr.09 / 53,500 / 5 år (16.000)
Nybygg
Golden Feng Q4/08 – 46.000 / 5 år
Golden Shui Q1/09 – 43.800 / 5 år
Golden Beijing Q4/09 – 40.500 / 10 år
Golden Future Q4/09 – 51.000 / 5 år
Golden Zhejiang Q2/10 - OPEN
Golden Zhoushan Q2/10 - OPEN
Golden Nantong Q3/10 – OPEN
--------------------------------------------
PANAMAX: - aktive
Golden Saguenay 2008 – 17.500 / 5 år
Golden Opportunity 2008 - 17.500 / 5 år
Nybygg
Golden Ice Q4/08 – 23.700 / 5 år
Golden Strength Q1/09 - 27.500 / 5 år
-------------------------------------------
KAMSARMAX:
Nybygg:
Golden Eminence Q4/09 - OPEN
Golden Empress Q1/10 - 24.500 / 10 år
Golden Endeavour Q2/10 - 24.500 / 10 år
Golden Endurer Q3/10 - 28.000 / 5 år
Golden Enterprise Q4/10 - 28.000 / 5 år
Golden Excellence Q1/11 - 24.000 / 10 år
Golden Explorer Q2/11 - 24.000 / 10 år
Golden Excalibur Q2/11 - OPEN
Golden Express Q3/11 - OPEN
Golden Exquisite Q4/11 - OPEN
Golden Eye Q4/11 – OPEN
______________________________________________________________________________
CHARTERED VESSELS
CAPESIZE:
Irfon 1996 – 66.500/ til okt. 09 - (27.000)
PANAMAX:
Willi Salamon 2000
Gertrud Salamon 2000
Salvatore Cafiero 2001 – 62.000 /til okt. 10 – (17.500)
Yomoshio 2001 – OPEN – (10.000)
Amira 2001 – 75.500 – 30.000)
Belflower 2004 – 25.000/ til feb 09 (Solgt feb. 09) - (9.300) > P´max Pool D/S Norden ***
Mulberry Paris 2004 – fra apr 08 / 51.250 / til aug 11 - (9.000)
Mulberry Wilton 2004 - apr 08 / 51,250 / til dec 11 - (9,000)
Golden Heiwa 2007 – 17.500/ til mar. 17 - (10.000) - hos Kleimar NV / Navios (NM)
Golden Sakura 2007 – 33.250/ til aug. 09 - (11.100)
Golden Kiji 2007 – 35.000/ til jan 10 – (10.700)
Ocean Minerva 2007 – OPEN – (11.600)
Priscilla Venture 2008 – 66.500 – (47.500) > P´max Pool D/S Norden ***
Million Trader II 2004
Cyclades 2000
Barito 1996
-----------------------------------------------
CHARTERED BAREBOAT (uten mannskap)
CAPESIZE >Ship Finance International 15 år
Golden Straits Q4/08 – 36.800 / 5 år – (1-5 år 27.450 – 6-10 år 22.600 – 10-15 år 19.750)
Golden Island Q1/09 – 36.800 / 5 år - (1-5 år 27.450 – 6-10 år 22.600 – 10-15 år 19.750)
---------------------
KAMSARMAX
Golden Eclipse Q3/09 – OPEN - (21.975)
--------------------
PANAMAX:
Golden Joy 1994 – OPEN – (6.000 bare boat + mannskap)
Golden Lyderhorn 1999 – fra apr 08 / 51.000 / 2,5-3 år - (14.000)
Golden Shadow 1997 – OPEN – ( 10.000 bare boat + mannskap)
_______________________________________________________________________________
*** P´max Pool D/S Norden > http://www.ds-norden.com/drycargo/fleetlist/
_______________________________________________________________________________
VESSELS UNDER COMMERCIAL MANAGEMENT
OBO (Capesize) > Ship Finance > Frontline > Golden Ocean
Front Leader 1991
Front Breaker 1991
Front Guider 1991
Front Driver 1991
Front Climber 1991
Front Viewer 1992
Front Rider 1992
Front Striver 1992
CAPESIZE > Knightsbridge Tankers
Belgravia Q2/09
Battersea Q3/09
FRO, GOGL (GDOCF.PK), SFL and ITCL will all release their 3Q results on Friday, Nov 28! Stay tuned!
ITCL - Notification of date of release Q3 2008 results
Independent Tankers Corporation Limited's third quarter 2008 results will be released on Friday 28 November, 2008. A press release and a presentation will be distributed in connection with the release.
Bermuda,
November 21, 2008
ITCL website: http://www.itcl.bm
Baltic Dry Index posts fifth consecutive rise - Capesizes keep on falling
Wednesday, 19 November 2008
The dry bulk market is facing all kinds of paradoxes these days, directly derived from the collapse of the Baltic Dry Index until recently. Now, the BDI is showing signs of a very slow recovery, with yesterday (Tuesday) marking the fifth consecutive upward session. It rose by 9 points to close at 865 points, but the once benchmark index, the Capesize index keeps on falling. It now stands at 994 points (-8 points), while (and here’s the paradox) the Panamax Index is higher at 1,012 points showing steady signs of recovery, although the market is far from reaching a point where one can say that a recovery is on track. Reasonably so, BRS (Barry Rogliano Salles) in its latest report about the dry bulk market said that “with demand so unpredictable, shipowners can do little but focus on supply at present. Demolitions have shot up since the collapse of the market, and so far this year more than 2.3m deadweight of dry bulk tonnage has been sent to the scrapyard. This is triple the total in 2007”.
Eitzen Group and especially Eitzen Bulk, commenting on the market outlook during the company’s third quarter results provided some useful insights. It said that “the challenging financial market and the lack of short term credit (LC) have put limitations on acquisitions and trading of commodities. These factors will continue to impact the freight rates for the bulk segment”.
And there are pretty good reasons for that to happen. For instance, Japan’s announcement about its economy heading into recession, combined with more negative data about Chinese steel production, a critical factor for sustaining a rebound of iron ore shipments. BRS says that “latest figures show Chinese iron ore imports dropped 22% in October compared to a rise in September, while steel production fell 9%. The China Metallurgical Mining Enterprise Association warns imports could stagnate in 2009, reversing nine years of growth. There was a sliver of good news for the coal markets however after Australia’s premier research body forecast it could escape the worst of the world recession. Abare predicts world thermal coal trade will actually increase 4% in 2008, and by 3% in 2009, due to higher demand in Asia” BRS said.
So, what’s going on with the capesize segment of the market. Well, the four time charter average closed last week at a mere US$3,793/day, a $1,000 drop from Friday-to-Friday. The 4tc has now lost more than 98% of its value since the summer peak, according to BRS. Therefore, ship owners will have to weather the storm in various ways. Eitzen said that a “general market concern is that players who had taken a bullish market position, with limited hedging in place will rapidly face cash flow problems and may be forced into liquidation”.
Nikos Roussanoglou, Hellenic Shipping News
DOCKF.PK $1.01 closed in Oslo
PR after close:
Q3 2008 - Dockwise on track to achieve full year guidance. Strong cash flow performance
Hamilton, Bermuda, 17 November 2008, DOCKWISE Ltd., Q3 2008 results.
Financial highlights Q3
# Revenue up 42.5% to USD 101.3 million (Q3 2007: USD 71.1 million)
# Adjusted EBITDA* up 24.1% to USD 43.5 million (Q3 2007:USD 35.0 million)
# Strong operational and free cashflow
- Operational cashflow of USD 52 million up 16% (Q3 2007: USD 45 million)
- Additional non-recurring cashflow of USD 14 million from sale of midship sections of Trustee and Triumph
# Record backlog for Dockwise Heavy Lift (DHL) of USD 412 million
- up 84% on Q3 2007 (USD 224 million);
- up 33% on Q2 2008 (USD 309 million);
# 25 basis point reduction in interest rates as Net Debt/EBITDA ratio responds to strong operational performance
Strategic and operational highlights
# Successful tendering secures major long term awards
- Koniambo onshore industrial project
- Vyborg transport & installation contract
- Navantia military project
- Backlog now extends to 2014
# Fleet expansion program:
- ahead of budget; CAPEX saving some USD 20 million
- Triumph and Trustee: delivery by end 2008
- Mighty Servant 3: delivery now expected first quarter 2009
- Mighty Servant 1 lifetime extension project; economic life extended by 10 years
André Goedée, CEO of Dockwise Ltd., commented:
"Our performance in the year to date, together with our backlog successes during the third and fourth quarters, sustain management's confidence that Dockwise will achieve its full year guidance. Furthermore, long term backlog has increased substantially showing the group's success in targeting major tenders in the Offshore, T&I and Onshore sectors.
With the expansion and upgrade of our fleet nearing completion, we can now focus with greater intensity on our next priority: to utilize our free cash flow to substantially deleverage the balance sheet in 2009."
A teleconference for analysts and investors following the presentation of Q3 2008 results will be conducted on 18 November 2008, at 10:00 CET; 9:00 GMT (UK); The dial in number for the call is 0800 2799127 (calling from UK), 0800 0233588 (calling from Netherlands), 800 13830 (calling from Norway) or 1866 7934272 (calling from USA). For mobile phones or other countries the dial in number is +31 20 7132757. The teleconference will be live audio-webcast on the Company's website www.dockwise.com. For following presentation only, the webcast is recommended. For remarks or questions you should dial in on the conference call.
For further information please contact:
Fons van Lith
Tel : +14415991818
fons.van.lith@dockwise.com
Published: 18:48 17.11.2008 GMT+1 /HUGIN /Source: Dockwise Ltd /OSE: DOCK /ISIN: BMG2786A1062
Click the link below to read the entire release including tables:
Q3_2008
I think these ships are included in the present tanker bookings, so they are no surprise. Every cancellation of newbuilds is of course good for us - less ships competing for the cargos - but the State of Brazil may be a solid customer and these ships will not be cancelled, especially as the ships will be built in Brazilian shipyards.
Here are Barry Roglianos(BRS) global orderbook lists.
Take a look now, and keep an eye on possible changes (cancellations) in later BRS weekly reports:
Dry Bulk Orderbook Nov 5, 2008:
http://www.brs-paris.com/index.php?page=drybulk
Tanker orderbook Nov 5, 2008:
http://www.brs-paris.com/index.php?page=tanker
Petrobras Transpetro Unit Won't Delay 49-Tanker Plan (Update2)
By Jeb Blount
Enlarge Image/Details
Oct. 30 (Bloomberg) -- The transport unit of Petroleo Brasileiro SA will be able to maintain a 49-ship fleet expansion program because it has sufficient financing from a government fund and can ignore the world credit crunch, the unit's president said.
Brazil's Merchant Marine Fund, managed by state-development bank BNDES, has enough cash to pay the $2.5 billion needed for 26 tankers that have already been ordered, said Sergio Machado, president of Rio de Janeiro-based Transpetro, as the unit is known. The fund can also finance another 23 ships that will be ordered by the end of the year, he said.
State-controlled Petrobras, as Transpetro's parent is known, may delay some investments as oil prices fall and credit becomes scarce, Chief Executive Officer Jose Sergio Gabrielli said Oct. 20. The credit crunch may force the cancellation of 20 percent of the deepwater oil rigs under construction, Brian Uhlmer, analyst at Pritchard Capital Partners in Houston, said.
``Everything regarding our shipbuilding program is defined and is part of Brazil's strategic plan,'' Machado said in a phone interview from his office. ``The Transpetro program is fully financed.''
On Oct. 7, Brazilian cabinet chief Dilma Rousseff said the government will make 10 billion reais ($4.75 billion) available to the Merchant Marine Fund and BNDES to make up for any shortfall in international lending.
Other Ship Programs
Machado said he could not comment on plans for other Petrobras shipbuilding programs. His parent company plans to build 146 tugs and service vessels and 68 oil platforms and oil drilling rigs on its own. These ships are not part of Transpetro's operations.
The service ships, platforms and rigs are expected to cost $30 to $40 billion.
Brazilian shipyards building vessels for the Transpetro program include Estaleiro Maua, controlled by Brazil's Synergy Group, in Rio de Janeiro and Estaleiro Atlantico Sul near Recife, Brazil.
Estaleiro Atlantico Sul is a shipyard group that includes Korea's Samsung Heavy Industries Co. and Brazilian construction companies Camargo Correia SA and Construtora Queiroz Galvao. Norway's Aker Yards ASA is also involved in building ships for the Transpetro program, according to Transpetro's press office.
Strategic Plan Delayed
Petrobras on Oct. 17 said it would delay release of its 2009-2013 strategic plan until December because of difficulty in making projections as oil and stock prices plunged and loans dried up. Before the delay, Chief Financial Officer Almir Barbassa said that it was likely the new plan would increase planned investments from the $112 billion proposed in the company's 2008-2012 plan.
``I can only speak for our program, Transpetro's program, and that program has not been delayed,'' Machado said. ``We may even see some of the costs for the program drop as the world economy finds a new equilibrium.''
Petrobras's press office did not return calls requesting comment.
Hello Milner,
I'm buying more Golden Ocean, small amounts weekly. It is a real bargain now. Many existing newbuild orders have been cancelled, and new orders are almost stopped - that's good for us I think. Read this:
Ship Orders Plunged 90% Last Month on Credit, Trade Slowdown
Saturday, 08 November 2008
Global ship orders tumbled 90 percent last month as the credit crunch damped world trade and made it harder for shipping lines to borrow money, according to Lloyd's Registers Group. Shipowners ordered a total of 37 container ships, tankers and other vessels in October, compared with 378 a year earlier, Lloyd's Register Chief Executive Officer Richard Sadler said in an interview yesterday at a conference in Dalian, China. Hyundai Heavy Industries Co., the world's largest shipyard, has also reported declining orders for the three months through September as shipping lines are slowing expansion plans because of a lack of financing and plunging demand for shipments of oil, raw materials and finished goods. The global full-year order tally will likely fall more than the 15 percent previously predicted by Lloyd's Register, Sadler said.
``We underestimated it,'' he added. ``On the positive side, compared to 2006, 2007 was an exceptional year.''
Contracts last year surged 50 percent to 261.3 million deadweight tonnes, according to Clarkson Plc, the world's largest shipbroker. In the first nine months of this year, orders dropped 27 percent to 142.9 million deadweight ton.
The slowdown means that some shipyards haven't taken an order since the first week of September, Sadler said.
New contracts in China dropped 62 percent to 24.35 million gross tonnes in the first ten months, he added. New orders in Korea fell 50 percent to 33.68 million gross tonnes.
Ship orders surged last year as China's economic growth boosted demand for imports of iron ore, used to make steel. The country's export growth also fueled demand for container ships to carry furniture, toys and other goods to the U.S. and Europe.
The Baltic Dry Index, a measure of commodity-shipping costs, surged to a record 11,793 on May 20, having more than tripled in three years. Rates have since tumbled 93 percent, to near six- year lows, as traders are struggling to get credit for shipments. Chinese steelmakers are also curbing production amid slowing demand for new buildings and cars.
Source: Bloomberg
Hello Milner. As to GOGL, relax! Herman Billung, the CEO came out today and informed that there is no trouble with the 6 Panamax-vessels. If DWT cancels the contract, GOGL will keep the already paid $72 mill, which reduces the costs of building to $24 million per ship (dirty cheap!) for GOGL. Billung said that financing the building period will be no problem for them (I guess SFL will help), and they will sell the ships if a good buyer appears, if not they will keep the ships because the break even costs for these ships will be very low (ca $11.000).
The average price for Panamaxes in the market has been $51 million lately, and Billung did not believe the prices in the end of 2009 and in 2010 will be much lower.
He even stated that the present squeeze in the market would effect the dividends not before than in second half of 2009, so we can expect a dividend of $0.30 for a couple of quarters :)
Here's the original information about the selling contract a year ago:
Press release from Golden Ocean Group Ltd. 09.11.2007
Golden Ocean Group Limited ("Golden Ocean" or the "Company") has agreed to sell the six panamax newbuildings contracted in March 2007 at Pipavav in India. The vessels are sold for net sale proceeds of $352.8 million, and delivery to the buyers is expected to take place between March 2009 and July 2010.
Golden Ocean will initially receive $70.6 million of the purchase price. Golden Ocean will have the responsibility to finance the construction of the vessels with up to $174 million, before the remaining part of the sales proceeds of $282.2 will be paid at the delivery of the vessels.
The transaction will give a positive result of approximately $127 million, and this will be recorded at delivery of the vessels.
Golden Ocean's CEO Herman Billung says in a comment: "This transaction illustrates our Company's dynamic approach to the market. We are always looking for opportunities to increase values to our shareholders on short as well as long term basis."
November 9, 2007
Hamilton, Bermuda
Hello Milner. Yes, I saw that news about DWT, and there are different opinions about the influence on GDOCF. It would be good, if DWT announced the cancellation of the purhase as soon as possible, because it would give GDOCF the possibility to re-sell the ships.
We must wait for an announcement from GDOCF about the situation, but apparently they are waiting for the decision of DWT.
I don't think that JF and Mr. Billung will remain sitting on the fence, but they will act very soon.
I have stayed in sidelines too - no use to fret about these markets daily. Big swings are typical to the shipping industry, and now the hedge fund and mutual fund redemptions hit hard the stocks, which were their favourites just some time ago.
I do not know to which bourse they are aiming to list GDOCF. I am adding some more now, and I am not worried about them. GDOCF has 80% of their fleet on long term fixed rates now, and 70% of the fleet for 2009.
Dagens Næringsliv (in Oslo) wrote on Oct.23 that the newbuild program of Golden Ocean is proceeding well. Only the Indian Pipavav-shipyard is late in schedule, and will deliver the six 75.000-ton vessels in 3-6 months delay. This is no trouble to GDOCF, because the vessels are already sold (GDOCF paid $213m for ships and sold them for $325m). The first 20%, $70.6mill, has already been paid to GDOCF, and the rest will come along with the ship deliveries from the yard.
Of other ships being built in China and South-Korea (23 vessels) 10 vessels are already hired for long term contracts, and part of the rest will be leased and part will be sold.
GDOCF is well prepared for bad times
Hello Milner. In the midst of all this market turmoil good news: GDOCF.PK will be listed in a higher level bourse in USA! CFO of Golden Ocean Mr. Karlsen said that listing is now planned, but they will wait till this financial turmoil will lighten up. They have already filed F-6 form with the SEC.
Look at the Key Date Calendar in here. Is this correct?
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WASHINGTON MUTUAL INC BANKRUPTCY NEWS Issue Number 1
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IN THIS ISSUE
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[00000] HOW TO SUBSCRIBE TO WASHINGTON MUTUAL INC BANKRUPTCY NEWS
[00001] BACKGROUND & DESCRIPTION OF WASHINGTON MUTUAL INC.
[00002] COMPANY'S CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2008
[00003] COMPANY'S PRESS RELEASE ANNOUNCING CHAPTER 11 FILING
[00004] WASHINGTON MUTUAL INC.'S CHAPTER 11 DATABASE
[00005] DEBTORS' LIST OF 13 LARGEST UNSECURED CREDITORS
[00006] WAMU EFFECTS CONDITIONAL EXCHANGE OF PREFERRED SECURITIES
[00007] FITCH DOWNGRADES WASHINGTON MUTUAL'S IDR RATING TO 'C'
[00008] S&P RATES WASHINGTON MUTUAL NEGATIVE ON CREDITWATCH
[00009] MOODY'S DOWNGRADES WAMU'S SENIOR DEBT RATING TO "Caa2"
[00010] AEGON NV HAS $181-MIL. EXPOSURE TO WASHINGTON MUTUAL
[00011] WAMU TO BE REPLACED BY FLOWSERVE CORP. IN S&P 500 INDEX
[00012] JUDGE WALRATH SCHEDULES OCTOBER 3 STATUS CONFERENCE
KEY DATE CALENDAR
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09/26/08 Voluntary Petition Date
10/26/08 Deadline to File Schedules of Assets and Liabilities
10/26/08 Deadline to File Statement of Financial Affairs
10/26/08 Deadline to Provide Utilities with Adequate Assurance
01/24/09 Deadline to Make Decisions About Lease Dispositions
12/25/08 Deadline to Remove Actions Pursuant to F.R.B.P. 9027
01/24/09 Expiration of Exclusive Plan Filing Period
03/25/09 Expiration of Exclusive Solicitation Period
09/26/10 Deadline for Commencement of Avoidance Actions
<None> Organizational Meeting to Form Creditors' Committees
<None> First Meeting of Creditors under 11 USC Sec. 341
<None> Bar Date for filing Proofs of Claim
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SDRL - Ultra-deepwater drillship West Polaris commence operations in Brazil
Published: 12:06 14.10.2008 GMT+2 /HUGIN /Source: Seadrill Limited /OSE: SDRL /ISIN: BMG7945E1057
The ultra-deepwater drillship West Polaris has commenced operations for ExxonMobil in Brazil. West Polaris, which was delivered from Samsung Heavy Industries in South Korea mid July this year, arrived offshore Brazil end of September and has since arrival been loading onboard relevant equipment as well as preparing for operations. West Polaris has a four-year contract with ExxonMobil for worldwide exploration activities. Seadrill will for the mobilization period receive dayrate as well as compensation for fuel costs, which will be taken to income over the four-year contract term.
Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, says "We are exited to have commenced our first deepwater operation in Brazil. This is an important milestone for us as we have three more deepwater newbuilds scheduled for start-up of operations in this area over the next years. Brazil will going forward, be on of our key operational areas."
Analyst contact
Jim Daatland
VP Investor Relations
Seadrill Management AS
+47 51 30 99 19
Media contact
Trond Brandsrud
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19
Seadrill Limited
Hamilton, Bermuda
October 14, 2008
DOCKWISE concludes USD 84m VYBORG / Shtokman Contract
Published: 15:27 14.10.2008 GMT+2 /HUGIN /Source: Dockwise Ltd /OSE: DOCK /ISIN: BMG2786A1062
Hamilton, Bermuda, 14 October 2008 - Following the letter of intent announced in June 2008, Dockwise Ltd. announces that through its subsidiary Dockwise Shipping B.V., it has been contracted by Vyborg Shipyard to transport two topside structures from Korea to the Barents Sea and to install the units on semi-submersible hulls, using the float-over technique. Dockwise will receive USD 84m over the three year contract, with the revenue contributing immediately to fourth quarter 2008 cashflows.
Vyborg Shipyard was commissioned by Gazflot (the operating arm of Gazprom) to construct two platforms designed for operation in the arctic conditions of the giant new Shtokman field, 600km offshore Murmansk. The first topside structure is scheduled to be loaded end April 2010 for installation between July and August 2010; the second at end October 2010 for installation around February 2011. The structures will be transported from Geoje Island, Korea, to the assembly locations in the Murmansk harbour area. Each topside is estimated to weigh around 22,000 tons.
André Goedée, CEO of Dockwise Ltd., comments:
"The Vyborg / Shtockman contract is a milestone in Dockwise's history. It demonstrates our primacy in handling extreme challenges: scale, distance, and climactic conditions are the significant features of this assignment. Furthermore, our installation role shows how Dockwise is developing its presence in the upstream production cycle. We are excited by the prospect of the Russian arctic market and are actively exploring ways to build upon today's announcement to develop long term relationships with Russian clients."
For further information please contact:
Fons van Lith
Tel : +14415991818
fons.van.lith@dockwise.com
About Dockwise Ltd/the Dockwise Group
Dockwise Ltd. has a workforce of more than 1200 people both offshore and onshore. The company is the leading marine contractor providing total transport services to the offshore, onshore and yachting industries as well as installation services of extremely heavy offshore platforms. The group is headquartered in Bermuda with amongst others operational offices in Breda, The Netherlands. The group's main commercial offices are located in The Netherlands, the United States, China, Korea, Australia and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has offices in France and Italy. The Dockwise Shipping network is supported by agents in Japan, Singapore, Spain, Argentina, and Italy.
To support all of its services to customers, the group also has three engineering centers in Houston, Breda and Shenzen, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 22 purpose build semi-submersible vessels of which currently 19 are operational and 3 will become operational end of 2008.
Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK.
For further information: www.dockwise.com
It was Bop Pisani talking about Banco Santander offering for the rest of Sovereign Bank (SOV), AND JPMorgan negotiating with Washington Mutual. I did not hear about what.
Sounds familiar, eh?
http://ih.fotothing.com/55547.jpg