Goldenport Share Discussion Threads

[cjohn] 30/4/2015 11:12

Also worth participating in the conference call.

I'm surprised by how low losses are likely to be this current year, given that the JV losses won't be repeated.

[meijiman] 30/4/2015 09:25

Prelims worth a read through. We may be through the worst........

[cjohn] 19/4/2015 10:30

It was their oldest ship, mind you.

Thank god, at least, that all talk of buying new ships has been forgotten.

[callumross] 10/4/2015 08:41

Wow. Sold for less than half book value. Shows how tough trading conditions are out there.

[meijiman] 17/2/2015 09:44

Goldenport management must feel like jumping off one of their vessels into the stormy sea below. I wonder if they sit at their desks all day crying. Probably. Seem to recall they bought shares much higher up. I went to a shipping conference last year and most of the speakers (very senior) were bullish. Clearly you would be unlikely to address a peer group conference with a doom and gloom message, but equally don't think anyone saw this coming. Just goes to show that the just like the collapse in oil/coal and iron ore prices no one really saw this coming.
You make most money when shares are at maximum stress -but I'm not tempted here yet. Might be if management started to buy.

[salpara111] 17/2/2015 09:18

Perfect storm here, lots of new ships coming into service meeting softening demand.
Nearly bought these last year but held back thank god!
I struggle to see a good outcome for this situation in the near future.

[meijiman] 13/2/2015 15:01

That's incredibly gloomy -only have a small position here thankfully.

[callumross] 13/2/2015 12:43

LONDON—The Baltic Dry Index, which tracks freight rates for ships carrying raw materials, has slumped to its lowest point in 29 years, hit by a shipping glut, falling commodity prices and declining import demand from China.

This week, the BDI fell to 577, its lowest level since July 1986, and a far cry from its peak of 11,793 in 2008.

The world’s fleet of dry-bulk ships far exceeds demand for the vessels that carry commodities such as iron ore and coal, with capacity estimated around 20% above demand over the past few years. Many ships ordered at a time of booming global trade before the 2008 financial crisis have come into service as economic growth has sputtered in the years since.

Add to this falling oil prices, which suppress freight rates, and less-rapid economic growth in China which is the world’s biggest commodities importer, “and you get the perfect storm for dry-bulk shipping, which will take a while to come out from,” said Aris Vlachopoulos, a senior freight consultant advising Singaporean and Greek shipping companies.

Rui Guo, a freight analyst at London-based ICAP Shipping, said the tonnage in the water of dry-bulk vessels has gone up 85% since 2008, even as demand has fallen. The situation is exacerbated by seasonal factors like the end of the export season for soybeans out of the U.S. and other agricultural products.

“We see weak demand from China for thermal coal and iron ore,” Mr. Guo said. “The Chinese also don’t want cargoes arriving during the festivities of the Lunar New Year, so activity will stay very low. I expect the BDI to slowly start recovering after the Chinese New Year [Feb. 18-24], but I don’t see any big upswing.”

Australia accounts for close to 60% of China’s iron-ore imports, with mining giants BHP Billiton Ltd. and Rio Tinto PLC extracting and shipping the mineral from their Australia mines in increasing volumes. Australia’s proximity to China is putting pressure on other higher-cost miners farther away, in countries such as Canada, Sweden and South Africa, which in turn pressures dry-bulk transporters to keep freight rates low.

Mr. Guo said daily freight rates for a 150,000-ton freight vessel are now around $5,500, with the break-even point around $7,500.

Shares of some of the world’s biggest dry-bulk carriers have plunged, with New York-listed Scorpio Bulkers Inc. down 80% in the past 12 months.

“The market is collapsing,” said a Greek owner with 14 such vessels. “If this goes on, shipping companies which haven’t diversified to other kinds of vessels can very well go belly-up.”

[meijiman] 12/2/2015 09:09

Be interested in your views on when might be the time to buy. Always tricky.
I'm watching carefully -but don't have a strong view on this.

[snape] 12/2/2015 08:52

Bdi index is being pushed down by the oil price which must also be helping the operating cost line. At some stage this may be a decent recovery buy? Not bought yet but watching closely.

[meijiman] 11/2/2015 16:58

a rudderless ship no less set to crash onto the rocks

[callumross] 10/2/2015 11:49

With the BDI languishing at lows just above 500, could be very, very tough for this company - need to get everything into dry dock at these rates!

[muffster] 22/12/2014 20:30

Edit, ignore my comment. Level 2 shows no trades, yet up 4.8%

[muffster] 22/12/2014 20:24

We have now

[salpara111] 18/11/2014 12:46

Hmm, just had a look again as it has now dropped below my initial target of 30p in old money.
The Baltic dry has certainly improved over the last 6 months.
Putting them back on my monitor list and will watch over the next few months to see if we have reached an inflexion point.

[callumross] 04/11/2014 19:45

Baltic Dry Index certainly been flying in last couple weeks!

[meijiman] 04/11/2014 09:34

Go on -why not have a big bite? you know it makes sense.

[jonntara] 04/11/2014 09:17

Hmmm starting to look tempting again. May have another nibble soon.

[callumross] 29/8/2014 09:16

looking much better going forward than for some time IMHO.

[callumross] 29/8/2014 09:16

looking much better going forward than for some time IMHO.

[18bt] 29/8/2014 07:37

Do I detect a reason to have a small top up in the forward looking statement?

[triktrak] 25/8/2014 15:17

Soaring shipping measure signals improving health of global economy

A measure of global trade has soared over the past fortnight, signalling a possible return to health of the world economy.

The Baltic Dry daily index of shipping costs has jumped by more than 40% in a month, soaring to 1,042 since it hit a post crash low of 732 in July.

The jump in prices for sending freight goods around the world indicates that shipping firms are seeing a sharp rise in demand for their services.

Full article:

[anusol] 22/8/2014 11:42

i noticed that the other day when a newspaper article talked about the rapid growth in the baltic dry index. But then it's still la hell of a long way off where it was only 6 to 9 months ago!

[cjohn] 22/8/2014 11:33

Baltic Dry back above 1000.

[cjohn] 02/7/2014 10:24

Low liquidity?