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发表于 9-12-2008 04:40 PM
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发表于 10-12-2008 08:40 AM
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09 December 2008
Baltic Dry Index (BDI) +8 679Rates | | BCI | (Cape index) | BPI | (Panamax index) | BSI | (Supramax index) | | INDEX | | 991 | +53 | 466 | -15 | 523 | -10 | | SPOT 4 TCE AVG | (USD) | 4214 | +661 | 3748 | -127 | 5464 | -111 | | YESTERDAY | (USD) | 3553 | | 3875 | | 5575 | | | YEAR AGO | (USD) | 171040 | | 77223 | | 63747 |
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发表于 10-12-2008 02:13 PM
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新闻。
10-12-2008: Maybulk to face ire of shareholders at EGM
by Yong Yen Nie
KUALA LUMPUR: Malaysian Bulk Carriers Bhd (Maybulk) is expected to meet resistance from minority shareholders at its EGM today to decide on its proposed acquisition of a 22.08% stake in PACC Offshore Services Holdings Pte Ltd (POSH) for US$221 million (RM802.2 million).
Some minority shareholders say the acquisition purchase price was too high and the group ought to conserve cash during such difficult financial times.
A minority shareholder, identified as Drs M A Wind of Mont Kiara, said Maybulk’s proposed investment in POSH should be re-evaluated, as the proposal amounted to about RM800 million, representing about 40% of Maybulk shareholders’ funds.
The minority shareholder said the deal might not generate better returns for its shareholders, given that POSH’s projected earnings visibility was unclear. Further, the deal is a related party transaction, given that Singapore-based Pacific Carriers Ltd (PCL), a member of the Kouk Group, owned the entire stake in POSH and 34% in Maybulk.
POSH’s last audited balance sheet as of Dec 31, 2007 showed that POSH had owed PCL US$319 million and had US$304 million short-term borrowings, as well as US$432 million capital expenditure contracted that was not provided for, the minority shareholder said. The borrowings had allegedly risen to US$412 million as of Sept 30, 2008.
“The cash however is only US$2 million. In other words, a highly geared company with huge future obligations but hardly any cash,” said the minority shareholder.
“It is clear that POSH needs a huge amount of funding for its highly aggressive growth plan. However, there is no information given how it will get that funding, nor what the status is of the borrowings from PCL,” the minority shareholder said.
Also questioned was whether Maybulk was getting a fair deal as the group would only receive 34 million shares representing 22.08% stake in POSH’s enlarged share capital, despite having committed US$221 million, compared with PCL’s commitment of US$110 million but had received 115 million shares in return.
Additionally, the minority shareholder claimed a huge part of revaluation gains (about US$440 million) that were valued by Maybulk’s independent adviser KPMG were from vessels under construction, with some only to be delivered in 2011 and hence, should not be included in the current adjusted net assets calculations.
“KPMG gives a discounted cash flow valuation of US$5.11 to US$7.45 per share. The way they have calculated this is unclear, a huge list of assumptions is mentioned but the calculation itself (projected turnover, profit, finance cost, etc) are not presented,” said the minority shareholder, questioning how a proper valuation could be done with so many uncertainties.
The minority shareholder said the last audited accounts were from almost a year ago and the income statement was not representative since the subsidiaries were acquired during that year. “POSH is fast growing and went on a spending spree ordering dozens of new vessels from shipyards. The current credit crisis has a huge impact and makes financing difficult.
“Would it not be a better idea if Maybulk simply returned the RM804 million to its shareholders in the form of a special dividend?” asked the minority shareholder.
http://www.theedgedaily.com/cms/ ... a-19ccba00-4abef9e0 |
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发表于 10-12-2008 02:14 PM
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新闻。
10-12-2008: Maybulk to face ire of shareholders at EGM
by Yong Yen Nie
KUALA LUMPUR: Malaysian Bulk Carriers Bhd (Maybulk) is expected to meet resistance from minority shareholders at its EGM today to decide on its proposed acquisition of a 22.08% stake in PACC Offshore Services Holdings Pte Ltd (POSH) for US$221 million (RM802.2 million).
Some minority shareholders say the acquisition purchase price was too high and the group ought to conserve cash during such difficult financial times.
A minority shareholder, identified as Drs M A Wind of Mont Kiara, said Maybulk’s proposed investment in POSH should be re-evaluated, as the proposal amounted to about RM800 million, representing about 40% of Maybulk shareholders’ funds.
The minority shareholder said the deal might not generate better returns for its shareholders, given that POSH’s projected earnings visibility was unclear. Further, the deal is a related party transaction, given that Singapore-based Pacific Carriers Ltd (PCL), a member of the Kouk Group, owned the entire stake in POSH and 34% in Maybulk.
POSH’s last audited balance sheet as of Dec 31, 2007 showed that POSH had owed PCL US$319 million and had US$304 million short-term borrowings, as well as US$432 million capital expenditure contracted that was not provided for, the minority shareholder said. The borrowings had allegedly risen to US$412 million as of Sept 30, 2008.
“The cash however is only US$2 million. In other words, a highly geared company with huge future obligations but hardly any cash,” said the minority shareholder.
“It is clear that POSH needs a huge amount of funding for its highly aggressive growth plan. However, there is no information given how it will get that funding, nor what the status is of the borrowings from PCL,” the minority shareholder said.
Also questioned was whether Maybulk was getting a fair deal as the group would only receive 34 million shares representing 22.08% stake in POSH’s enlarged share capital, despite having committed US$221 million, compared with PCL’s commitment of US$110 million but had received 115 million shares in return.
Additionally, the minority shareholder claimed a huge part of revaluation gains (about US$440 million) that were valued by Maybulk’s independent adviser KPMG were from vessels under construction, with some only to be delivered in 2011 and hence, should not be included in the current adjusted net assets calculations.
“KPMG gives a discounted cash flow valuation of US$5.11 to US$7.45 per share. The way they have calculated this is unclear, a huge list of assumptions is mentioned but the calculation itself (projected turnover, profit, finance cost, etc) are not presented,” said the minority shareholder, questioning how a proper valuation could be done with so many uncertainties.
The minority shareholder said the last audited accounts were from almost a year ago and the income statement was not representative since the subsidiaries were acquired during that year. “POSH is fast growing and went on a spending spree ordering dozens of new vessels from shipyards. The current credit crisis has a huge impact and makes financing difficult.
“Would it not be a better idea if Maybulk simply returned the RM804 million to its shareholders in the form of a special dividend?” asked the minority shareholder.
http://www.theedgedaily.com/cms/ ... a-19ccba00-4abef9e0 |
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发表于 11-12-2008 08:28 AM
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10 December 2008
Baltic Dry Index (BDI) +12 691Rates | | BCI | (Cape index) | BPI | (Panamax index) | BSI | (Supramax index) | | INDEX | | 1058 | +67 | 450 | -16 | 511 | -12 | | SPOT 4 TCE AVG | (USD) | 5029 | +815 | 3619 | -129 | 5342 | -122 | | YESTERDAY | (USD) | 4214 | | 3748 | | 5464 | | | YEAR AGO | (USD) | 172407 | | 76408 | | 63797 |
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发表于 11-12-2008 02:19 PM
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Maybulk gets green light for oil and gas venture
Minority shareholders 'felt that it was a good move todiversify,' says Maybulk chief executive officer of the investment in22.08 per cent of PACC Offshore Services Holdings, which providessupport vessels to the oil sectorMINORITY shareholders of Malaysian Bulk Carriers Bhd (Maybulk) (5077) have approved the shipping company's plan to diversify into the oil and gas business after a three-hour meeting yesterday.
"Theirmain concern was trying to understand the business before making adecision, and so after we explained to them, they were encouraged andfelt that it was a good move to diversify," Maybulk chief executiveofficer Kuok Khoon Kuan said after the group's extraordinary generalmeeting in Kuala Lumpur.
Maybulk will invest in 22.08 per centof PACC Offshore Services Holdings Pte Ltd (POSH), which providessupport vessels to the oil industry.
The deal has sparked concerns as POSH is ultimately owned by Tan Sri Robert Kuok, who also controls Maybulk.
According to a circular to shareholders, POSH registered steady revenue and profit growth in the past three financial years.
For the nine-month period to September 30 2008, it recorded a netprofit of US$57.78 million (RM209.16 million) on revenue of US$106.86million (RM386.83 million).
Under the deal, Maybulk will payclose to RM800 million in cash, on top of transferring an accommodationvessel valued at roughly RM87 million, for 34 million new shares inPOSH.
Maybulk will fund the cash portion with internal funds, which stands at RM1.4 billion now.
As at October 31 2008, the POSH Group collectively owns and operates atotal of 75 vessels (with another 48 vessels currently on order)serving clients like Shell, Chevron, and international offshorecontractors like Hyundai Heavy Industries and China Offshore OilEngineering Corp Ltd.
POSH also plans to sell its shares in aninitial public offering in five years. If it fails to do this, Maybulkhas a deal where it can sell back the POSH shares to Pacific CarriersLtd, the parent company of POSH, at a 50 per cent premium to itspurchase price.
In its third quarter results, Maybulk had warned that things do not look good for the shipping company in the fourth quarter.
Together with an expected loss in the group's investments in equitiesand a basket of currencies, Maybulk will have to contend with a muchweaker dry bulk market with the fall of the Baltic Dry Index from anall time high of 11,465 points to the 600 level in just seven months.
The Baltic Dry Index shows a daily average of prices to ship raw materials.
Maybulk, however, declined to say whether it would be looking at a net loss in the fourth quarter.
"We can't give you that answer now for the simple reason that we havegood contracts going forward, but as I said we may have to mark downinvestments and all that. We don't know," Kuok said.
http://www.btimes.com.my/Current_News/BTIMES/articles/pmayb/Article/index_html |
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发表于 12-12-2008 08:35 AM
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11 December 2008
Baltic Dry Index (BDI) +20 711Rates | | BCI | (Cape index) | BPI | (Panamax index) | BSI | (Supramax index) | | INDEX | | 1142 | +84 | 442 | -8 | 498 | -13 | | SPOT 4 TCE AVG | (USD) | 6029 | +1000 | 3555 | -64 | 5202 | -140 | | YESTERDAY | (USD) | 5029 | | 3619 | | 5342 | | | YEAR AGO | (USD) | 172770 | | 76215 | | 63864 |
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发表于 12-12-2008 10:44 PM
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12 December 2008
Baltic Dry Index (BDI) +53 764Rates | | BCI | (Cape index) | BPI | (Panamax index) | BSI | (Supramax index) | | INDEX | | 1331 | +189 | 440 | -2 | 490 | -8 | | SPOT 4 TCE AVG | (USD) | 8261 | +2232 | 3537 | -18 | 5125 | -7 | | YESTERDAY | (USD) | 6029 | | 3555 | | 5202 | | | YEAR AGO | (USD) | 172243 | | 75755 | | 63708 |
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发表于 13-12-2008 03:54 AM
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前两季的季报, Maybulk的profit都不错
第一季比起来都多了一倍, 是为什么咧?
有卖船还是什么? 一个quarter卖一辆?没有理由呱~
而接下来ended dec的季报出来的成绩不懂如何(毕竟是经济很差的时间) |
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发表于 14-12-2008 11:18 PM
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| 干散货运输市场运价指数 | | 截止日期 | 指数 | 涨跌额 | 涨跌幅 | | 11-12-08 | 1142 | 84 | 7.94% | | 10-12-08 | 1058 | 67 | 6.76% | | 09-12-08 | 991 | 53 | 5.65% | | 08-12-08 | 938 | 67 | 7.69% | | 05-12-08 | 871 | 32 | 3.81% | | 04-12-08 | 839 | 9 | 1.08% | | 03-12-08 | 830 | 0 | 0.00% | | 02-12-08 | 830 | -3 | -0.36% | | 01-12-08 | 833 | -5 | -0.60% | | 28-11-08 | 838 | -20 | -2.33% | | 27-11-08 | 858 | -25 | -2.83% | | 26-11-08 | 883 | -49 | -5.26% | | 25-11-08 | 932 | -23 | -2.41% |
| 干散货运输市场运价指数最近反弹，好象是时候博MAYBULK反弹的时候料。赚个几％就走人。。。弹姐姐快点来给评语。 |
[ 本帖最后由 stereo 于 14-12-2008 11:20 PM 编辑 ] |
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发表于 15-12-2008 11:47 PM
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今天买盘强劲，开市2。23直冲破2。30关口至2。32，最后以2。30挂收，涨7仙（3。1％〕。明天再接再厉。。。。 |
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发表于 16-12-2008 12:35 AM
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以把MAYBULK當是我的退休投資(養老金)的項目之一了...
雖然平均價位還是很高(RM3.62) 但是還是會把每月的收入...買進一些  |
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发表于 16-12-2008 01:35 AM
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股息很吸引。。。 |
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发表于 16-12-2008 08:45 AM
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15 December 2008
Baltic Dry Index (BDI) +39 803Rates | | BCI | (Cape index) | BPI | (Panamax index) | BSI | (Supramax index) | | INDEX | | 1454 | +123 | 450 | +10 | 486 | -4 | | SPOT 4 TCE AVG | (USD) | 9740 | +1479 | 3617 | -80 | 5081 | -44 | | YESTERDAY | (USD) | 8261 | | 3537 | | 5125 | | | YEAR AGO | (USD) | 170677 | | 75077 | | 63388 |
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发表于 16-12-2008 08:46 AM
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发表于 16-12-2008 08:51 AM
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发表于 16-12-2008 10:41 PM
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发表于 17-12-2008 11:53 AM
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MAYBULK今天大起 |
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发表于 17-12-2008 12:17 PM
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发表于 17-12-2008 12:24 PM
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今天买盘强劲，开市2。35直冲破2。40关口至2。43，最后以2。43挂收，涨10仙（4。2％〕。下午再接再厉。。
[ 本帖最后由 hc.goh 于 17-12-2008 12:25 PM 编辑 ] |
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