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Entering the Middle East
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zhuge_liang
Supreme |
05-Dec-2007 00:00
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Article from Bloomberg. Commodity-shipping costs will rise to a record in '08 before falling as the number of vessels outpaces demand, Baltic Exchange Ltd. Chairman Michael Drayton said. Freight rates for dry-bulk commodities including grain, iron ore and coal have gained this year on demand from India and China, the world's biggest steelmaker and copper user. Shipyards in Japan, China and South Korea responded with the biggest construction program in history, after receiving enough orders to increase capacity by about 50%. "You can't defy gravity forever," Drayton said in an interview at a conference in Mumbai Nov. 30. "We know that sometime in 2008, even at the present demand, we are going to see a crossing of the two graphs," where supply surpasses demand, he said. The Baltic Dry Index, the benchmark for commodity shipping rates, more than doubled this year to a record 11,039 on Nov. 13, and rose 600% since the start of 2003. China needs iron ore, copper and other commodities to fuel an economy that is growing at more than 4x the pace of the U.S. and Europe. "The worrying thing is that China itself now has pressure to say, 'We've gone far enough,'" Drayton said. "I just hope that when China turns the taps off, it turns it slowly." The Baltic Exchange, based in London, provides benchmark prices for the cost of shipping oil and bulk commodities including coal, grain and iron ore. China's imports of iron ore averaged 32.04 million metric tons a month in the third quarter, according to the China General Administration of Customs. That's 12% more than the year- earlier quarter and 42% higher than the equivalent period in 2005. The boom led to record profits this year for operators including Athens-based DryShips Inc., and Diana Shipping Inc., and Hamilton, Bermuda-based Golden Ocean Group Ltd., led by Norwegian billionaire John Fredriksen. The carrying capacity of the global fleet of commodity ships has climbed by 6.2% to 354 million deadweight tons since November of last year, according to data compiled by Lloyd's Register-Fairplay. Deadweight tons are a measure of a ship's capacity for carrying cargo, fuel and supplies. |
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zhuge_liang
Supreme |
29-Nov-2007 00:02
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STX Pan Ocean said on Wed it has won a shipbuilding contract worth at least US$240 m. The contract is for the construction of 3 bulk carriers, which are expected to be delivered in 2H10. |
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hyun78e
Member |
14-Nov-2007 09:50
Yells: "BE REAL" |
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In kospi, it up by 12% to 4205 won. current exchange rate is S$1=627won. it's therefore almost equal to S$6.5 already. listed as the most active counter so far. BBs are in play... hold it.. don't sell. TP 4.10 to 4.20 by friday. |
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jennlsk
Member |
14-Nov-2007 09:38
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Singapore-listed STX Pan Ocean Q3 net profit soars on strong shipping demand 11/14/2007 8:57:00 AM SINGAPORE (Thomson Financial) - Singapore-listed South Korean shipping company STX Pan Ocean said Wednesday its third-quarter net profit soared to 144 million US dollars from 2 million dollars a year before, bolstered primarily by strong demand in the dry bulk shipping market. Sales grew 83.6 percent to 1.41 billion dollars. "We are optimistic about our medium- to long-term prospects. The market will continue to remain strong until 2010," said STX Pan Ocean president and chief executive Lee Jong-Chul. Demand for shipping will be fueled by growing demand for iron ore and coal in China and India, STX Pan Ocean said. Bulk shipping freight rates are expected to remain high because of the strong demand and current shortage of bulk carriers, it said. The shortage is expected to worsen in the coming years as 40 percent of the world's fleet of bulk carriers is more than 20 years old and due for scrapping, it said. |
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huatah
Veteran |
14-Nov-2007 08:27
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Revenue Increased 77% in 9M07 from 9M06. Net Profit Increased 899% in 9M07 from 9M06 For 9MFY07, the Group reported record sales of US$3.7 billion, a 77.2% jump from US$2.1 billion recorded for the corresponding period in the previous year (?9MFY06?). Net profit for the same period also leapt 899.4% to reach US$322.1 million, compared to US$32.2 million in 9MFY06. This impressive set of results was underpinned by the exceptional growth registered by the Group?s dry bulk business segments.
Earnings per share based on this latest set of results rose to US$0.187 from US$0.018 while net assets per share was US$0.85 as at 30 September 2007, compared to US$0.48 as at 31 December 2006. In tandem with the growth in sales, cost of sales for 9MFY07 rose 69.5% to US$3.3 billion, compared to US$1.9 billion in the previous year. The increase is mainly attributed to an increase in ship hire cost to US$1.2 billion, compared to that in 9MFY06. In addition, port and cargo expenses also increased by US$17 million, while bunker fuel cost rose to US$372 million, from US$369 million in the previous year.
As a result, the Group?s gross profit surged 174.3 to US$425 million in 9MFY07, compared to US$155 million in 9MFY07.
In 9MFY07, STX posted an operating gain of US$340 million, up 706.1% from US$42 million in 9MFY06. This is despite realising a Forward Freight Agreement (?FFA?) transaction loss of US$29 million in 9MFY07. This is an 86.5% increase from US$16 million in the previous year. At the same time, the Group also recorded US$15 million of unrealised valuation gain in FFA in 9MFY07, compared to a loss of US$58 million in the same period last year. |
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allantanhc
Veteran |
07-Nov-2007 15:25
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Today's BT Hock Lock Siew Headline " Upside ahead for STX Pan Ocean investors" reiterated the price difference of the counter in Korean Stock Exchange vs SGX as opportunity to buy this stock now and reap the possible benefit of price gap closing later. |
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Pinnacle
Master |
02-Nov-2007 15:02
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Goldman Sachs - Highly leveraged to rising rates; raising target price to S$5.00 Source of opportunity STX Pan Ocean (STXPO) stock listed in Singapore looks attractively valued relative to the bulk shipping sector and to its shares listed in Korea, representing a 50% discount to the latter. From current levels, there is 20% upside potential to our new target price of S$5.00, reflecting our aboveconsensus earnings estimates, which we raise by 8% to 11% following the recent surge in bulk freight rates and corresponding margin expansion. In our view, STXPO is one of the most operationally leveraged stocks to the strong momentum in the spot market. Reiterate our Buy rating. Catalyst We see three key share price drivers: 1) 3Q07 results to be released 14 November; 2) possible approval to make shares fully fungible between Singapore and Korea; and 3) potential divestment of its 15% stake in Korea Express. The company has stated that it may divest its investment, depending on valuations. Valuation We are raising our sum-of-the-parts-based 12-month target price to S$5.00 from S$3.50 to reflect a higher fleet value multiple of 2.0x, following the surge in the freight market that has lifted our return on fleet estimates to 17.0% from 15.6%. Our target price implies a forward P/E of 10x, a 10% discount to the peer group average. Key risks The greatest risks we see could come from potential policy missteps by China in its efforts to cool growth and/or accelerated deliveries of newbuild vessels.
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Pinnacle
Master |
01-Nov-2007 16:19
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Goldman Sachs Highly leveraged to rising rates; raising target price to S$5.00 Source of opportunity STX Pan Ocean (STXPO) stock listed in Singapore looks attractively valued relative to the bulk shipping sector and to its shares listed in Korea, representing a 50% discount to the latter. From current levels, there is 20% upside potential to our new target price of S$5.00, reflecting our aboveconsensus earnings estimates, which we raise by 8% to 11% following the recent surge in bulk freight rates and corresponding margin expansion. In our view, STXPO is one of the most operationally leveraged stocks to the strong momentum in the spot market. Reiterate our Buy rating. Catalyst We see three key share price drivers: 1) 3Q07 results to be released 14 November; 2) possible approval to make shares fully fungible between Singapore and Korea; and 3) potential divestment of its 15% stake in Korea Express. The company has stated that it may divest its investment, depending on valuations. Valuation We are raising our sum-of-the-parts-based 12-month target price to S$5.00 from S$3.50 to reflect a higher fleet value multiple of 2.0x, following the surge in the freight market that has lifted our return on fleet estimates to 17.0% from 15.6%. Our target price implies a forward P/E of 10x, a 10% discount to the peer group average. Key risks The greatest risks we see could come from potential policy missteps by China in its efforts to cool growth and/or accelerated deliveries of newbuild vessels. |
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Applet123
Member |
01-Nov-2007 11:25
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It seem like freight rates are going down for the short term. If you are not buying on contra, I suggest that you just hold and wait. It may also go down further because today's increase is only because of the rate cut. |
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lc8888
Member |
01-Nov-2007 10:47
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can any kind soul advice ? i bought 7 lots at ave price 3.971 and today due, should i sell now at 3.80 or wait a little while ? anyway expect to "sue $$" just a matter of how much to "sue" :( |
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limpeh
Member |
31-Oct-2007 16:36
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Hi Bros, is there something wrong with this counter today...why the drastic drop to 3.6? |
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gadrj76
Member |
30-Oct-2007 18:25
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STX Shipbuilding Co., the world's seventh-largest shipyard, said Tuesday (Oct. 23) that it has purchased a major stake in a Norwegian shipyard for $800 million in an effort to branch out into the European market. The Korean shipbuilder said in a regulatory filing that it has bought a 39.2 percent stake, or 44.56 million shares, in Aker Yards ASA. The purchase was financed with borrowings and new share offerings by its sister companies, STX Shipbuilding said. Shares of STX Shipbuilding were trading at 65,300 won as of 11:39 a.m., up 10.47 percent. STX Shipbuilding's second-quarter earnings reached 57.4 billion won ($62 million) from 4.3 billion won a year earlier on rising orders for oil tankers and container ships as well as gains from equity ties with its affiliates. The major stake in the Oslo-based shipbuilder will help STX Shipbuilding branch into cruise liners, the Korean shipyard said. The European shipyard builds cruise, ferry and offshore facilities. Aker, with annual sales of roughly $4.8 billion, has 18 shipyards in eight countries including France and Germany, according to STX Shipbuilding. Source: Korea.met |
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viruz7667
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25-Oct-2007 14:05
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gd news but volatile market...up and down so fast..wonder if should short this counter..4.02... |
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investment
Senior |
25-Oct-2007 11:14
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STX Pan Ocean +8.6%; CS Raises Target To S$4.90 [Dow Jones] STX Pan Ocean (V33.SG) +8.6% at S$4.04; led higher by Korean-listed shares'' (028670.SE) +13.0% at KRW4,420 (S$7.07), buoyant outlook for shipping market. Credit Suisse says dry bulk shipping market robust; names STX Pan Ocean top sector pick, rated Outperform, raises target price to S$4.90 from S$3.10 on back of higher assumptions for Baltic Dry Index, related earnings upgrades. "While the easy money has been made, we believe there is more upside potential, given the attractive valuation and strong earnings momentum on rising freight rates," broker says in note. Adds valuations remain reasonable considering robust outlook. Positive MACD signals stock could push higher, likely to meet resistance at all-time high of S$4.24. |
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investment
Senior |
25-Oct-2007 11:12
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STOCK CALL: Lehman Brothers downgrades STX Pan Ocean (V33.SG) to Equalweight from Overweight on limited upside to new target price of S$4 (vs S$2.70 earlier); "we view the company as leveraged to the BDI due to its large charter fleet, but the current share price is close to fair value." Revised target follows upgrade of earnings forecasts for FY07-09 by 16-54% to reflect rising BDI; "demand continues to be driven by strong volumes and changing trade links (longer travel distances and time at sea). Asia, particularly China, is the main driver." Stock off 0.5% at S$3.70 yesterday; in Seoul, shares have gained 15% early to KRW4,655.(FKH) |
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zhuge_liang
Supreme |
24-Oct-2007 19:50
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STX Shipbuilding Co. (Kospi) and its affiliates climbed for a second day on speculation the US$800 million acquisition of Norway's Aker Yards ASA will facilitate expansion into other businesses. "STX has been adept at reading the current of the times," said Hwang Kyoung Shik of KTB Asset Management Co. in Seoul. "Now it wants to move into cruise ships and drill ships. The price it gave for Aker isn't expensive and the synergy effect will be significant." STX Pan Ocean Co., an affiliate, climbed 470 won, or 12%, to 4,380. STX Group's purchase of 39.2%of Aker Yards will facilitate expansion into new businesses such as offshore plants and cruise ships, wrote Jerry Kang, an analyst at Korea Investment & Securities Co., in a report. The brokerage boosted its six-month price estimate for the country's 5th-largest shipbuilder by 39 percent to 94,000 won, in a report. STX Shipbuilding's Q3operating profit, or sales minus the cost of goods sold and administrative expenses, will jump 164% from the previous year to 35.2 billion won, while the value of its holdings in STX Pan Ocean and other affiliates have jumped, wrote Kang of Korea Investment. |
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zhuge_liang
Supreme |
23-Oct-2007 19:06
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STX Pan Ocean rose after its Seoul-listed stock jumped by the daily limit of 15% and the Baltic dry index hit a new record. "The stock is up on a mixture of things - firstly the Baltic dry hit a record and that's providing support for prices, and also the South Korean stock hit its 15% daily limit, so people who want to buy STX Pan will come to S'pore to buy," a local dealer said. The Baltic Exchange's dry freight index, which gauges the strength of seaborne trade for dry commodities such as coal, iron ore and grains, began breaking records in May, driven by demand for natural resources in China and India and a lack of ships. |
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oceanblue
Senior |
23-Oct-2007 11:16
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Crossed $3.50 with ease and amongst the top volume today. Already up 26 cents. Some more upside? |
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ghlau935
Veteran |
16-Oct-2007 14:02
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Time to sell n take some profit before another uni-asia happen............ |
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viruz7667
Senior |
12-Oct-2007 21:36
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it seem that this stock will go to extreme high and then back to norm when market closing.......guess would be good to short this counter. shall monitor closely....hope monday all red..then will be good time to load in stock again.... |
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