GOGL - Svakere Capesize-rater rammer selskapet ?
Nordea er ute med en oppdatering;
«Golden Ocean kunne vise til et resultat som var bedre enn forventet, takket være høyere utnyttelse og lavere kostnader.
Spotratene for Capesize-skipene har dog kommet under press etter blant annet redusert jernmalm til Kina og økt bruk av skrapstål som råstoff til stålproduksjon. Kinas økonomi er nedadgående som følge av redusert vekst i infrastrukturinvesteringer og toll. Volumene for kullimport kan også bli svekket på kort sikt nå som Kina nylig introduserte havnerestriksjoner.
Vi kutter våre estimater og gjentar anbefalingen Hold på Golden Ocean.»
Mvh
«Golden Ocean kunne vise til et resultat som var bedre enn forventet, takket være høyere utnyttelse og lavere kostnader.
Spotratene for Capesize-skipene har dog kommet under press etter blant annet redusert jernmalm til Kina og økt bruk av skrapstål som råstoff til stålproduksjon. Kinas økonomi er nedadgående som følge av redusert vekst i infrastrukturinvesteringer og toll. Volumene for kullimport kan også bli svekket på kort sikt nå som Kina nylig introduserte havnerestriksjoner.
Vi kutter våre estimater og gjentar anbefalingen Hold på Golden Ocean.»
Mvh
Redigert 19.01.2021 kl 10:00
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Fra TradeWinds
Negative sentiment has left the dry bulk market plumbing depths no shipowner had anticipated during the typically strong fourth quarter, says Golden Ocean chief executive Birgitte Vartdal.
Expectations for a continued recovery had been high after a strong third quarter - but after five successive weeks trending downwards the Baltic Dry Index had sunk to 1,003 points on Tuesday.
“Going into the fourth quarter, which normally is a seasonal high, rates continue to improve for panamaxes early in the quarter, but declined sharply for capes and down to levels I would say that no one in the dry bulk market expected ahead of the quarter,” Vartdal said on the company’s third quarter conference call.
While some had connected the slump in the capesize market with a BHP trail derailment, Vartdal said the event had not had a significantly impact on export volumes.
Instead she viewed it as a “headline that added to an existing negative sentiment”.
She pointed to increased trade volumes ahead of new tariffs and uncertainty as a driver for the higher third quarter shipments, with the present slump a consequence of this.
“We believe there is a combination of factors that explain the latest drop,” Vartdal said.
She said the global trade picture was spreading uncertainty across the industry and contributing to a weaker demand outlook.
Shorter term factors, including a less pronounced push in China to reduce pollution from steel production, lower steel margins inducing a draw on inventories, restrictions on coal shipments and trade tariffs denting US grain volumes, were also influencing the market.
Negative sentiment has left the dry bulk market plumbing depths no shipowner had anticipated during the typically strong fourth quarter, says Golden Ocean chief executive Birgitte Vartdal.
Expectations for a continued recovery had been high after a strong third quarter - but after five successive weeks trending downwards the Baltic Dry Index had sunk to 1,003 points on Tuesday.
“Going into the fourth quarter, which normally is a seasonal high, rates continue to improve for panamaxes early in the quarter, but declined sharply for capes and down to levels I would say that no one in the dry bulk market expected ahead of the quarter,” Vartdal said on the company’s third quarter conference call.
While some had connected the slump in the capesize market with a BHP trail derailment, Vartdal said the event had not had a significantly impact on export volumes.
Instead she viewed it as a “headline that added to an existing negative sentiment”.
She pointed to increased trade volumes ahead of new tariffs and uncertainty as a driver for the higher third quarter shipments, with the present slump a consequence of this.
“We believe there is a combination of factors that explain the latest drop,” Vartdal said.
She said the global trade picture was spreading uncertainty across the industry and contributing to a weaker demand outlook.
Shorter term factors, including a less pronounced push in China to reduce pollution from steel production, lower steel margins inducing a draw on inventories, restrictions on coal shipments and trade tariffs denting US grain volumes, were also influencing the market.
Redigert 23.11.2018 kl 07:06
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