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Asia's buyers to pay more for natural gas
While shale gas floods the US, gas demand in Asia has outstripped supply

Seeking a better deal: Japan, South Korea, Taiwan and China bought 70 per cent of global LNG supplies last year. They can spend five times as much for the super-chilled fuel as US buyers pay for piped gas.

[PERTH] Asia's biggest economies face paying twice as much for some natural gas as old supply deals are renewed, with a North American shale glut years from helping to meet soaring demand in the region.
Rocketing prices will add billions of dollars to the power bills of Asian nations and threaten competitiveness, but mean an earnings bonanza for liquefied natural gas (LNG) producers such as Malaysia's Petronas, BP and Australia's Woodside Petroleum.
Japan, South Korea, Taiwan and China bought 70 per cent of global LNG supplies last year.
They can spend five times as much for the super-chilled fuel as US buyers pay for piped gas.

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What are the signs of distribution ?

Laggard ( Date: 16-Dec-2013 18:46) Posted:

Distribution before collapse.

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I thought someone pointed out in earlier threads that IPCO has transferred its Blumont holdings from Sun Spirit Group to itself ?

nqing87 ( Date: 16-Dec-2013 09:34) Posted:

isint sun spirit grp NAV mainly come from blumont holdings? with the blumont crash, the NAV still got 40mil?

Jackpot2010 ( Date: 16-Dec-2013 09:27) Posted:

para 3 & 4 smell fishy.

'3. Why did it sell a 70% stake in Sun Spirit Group for peanuts?

As mentioned in the announcement, Sun Spirit Group Ltd holds a significant portion of IPCO International's trading portfolio.

Sun Spirit Group Ltd's net asset value (NAV) was S$39.9 mln on April 30 and S$43.9 mln on July 31 (pages 2 & 4 of December 4 announcement).

IPCO International says it arrived at the consideration of S$875,000 for a 70% stake based on a net value of S$1.25 mln of Sun Spirit Group's current portfolio of quoted securities on December 3.

Apparently, IPCO International didn't take the NAV of Sun Spirit Group into account while arriving at the consideration.

Based on the NAV on July 31, a 70% stake in Sun Spirit Group was worth S$30.7 mln.

That's about 35 times more than what Nelson Fernandez paid for the stake.

It seems IPCO International gave away a valuable subsidiary for peanuts.

4. Why didn't IPCO announce the agreement on October 28?

In its December 4 announcement, IPCO International says a non-binding memorandum of understanding (MoU) was signed with Mr Fernandez five weeks earlier, on October 28.

A quick look at SGX's website shows nothing in this regard was announced at the time.

IPCO International would have been bound to announce the non-binding MoU on October 28 as the entire deal constitutes a 'discloseable transaction' under SGX-ST listing rules."

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Ireland on Sunday formally exits its three-year bailout programme, becoming the first eurozone nation to do so, but authorities warned of further austerity to ensure economic recovery.

PHOTOS
Shoppers walk past the Bank of Ireland in Dublin. (AFP/Peter Muhly)
ENLARGECAPTION
DUBLIN: Ireland on Sunday formally exits its three-year bailout programme, becoming the first eurozone nation to do so, but authorities warned of further austerity to ensure economic recovery.

Dublin turned to the International Monetary Fund and European Union in November 2010 for an 85-billion-euro ($115-billion) rescue package after a banking crash and one of history's worst housing bubbles.

After painful belt-tightening Ireland is now returning unaided to the international lending markets -- while eurozone strugglers Greece, Portugal and Cyprus remain locked into the bailout process.

"It's an important moment for Ireland and for our people," Prime Minister Enda Kenny told the Irish Times newspaper in an interview published on Friday.

"Our credibility is being restored internationally and our name is in good standing."

Kenny will deliver a state of the nation-type address on Irish television later on Sunday. It is only the second time he has done so since coming to power in a general election called shortly after Ireland entered the bailout.

The end of the bailout means Dublin will now have greater control over economic decision-making after three years of stringent oversight by the EU, IMF and the European Central Bank -- the so-called troika of lenders.

The troika insisted on tax rises, structural reforms and the sale of state assets in exchange for the bailout, and assessed Ireland's progress every three months.

Ireland has returned to growth, unemployment is falling and the banking sector has been reduced to a more appropriate scale to match the size of the economy but analysts agree the banks remain a risk.

The IMF approved the 12th and last review of Ireland's progress on Friday, allowing a final $890 million payout.

"The suffering isn't over"

To mark the end of the bailout programme, the IMF's managing director Christine Lagarde praised Ireland's "steadfast policy implementation".

But Lagarde warned of "significant economic challenges" ahead.

"Unemployment is too high, public debt sustainability remains fragile, and heavy private sector debts and banks' slow progress in resolving nonperforming loans weigh on domestic demand," Christine Lagarde said in a statement.

Later this week, Dublin will publish a medium-term economic strategy outlining its post-bailout policies.

"This isn't the end of the road. We must continue with the same types of policies as the deficit is too high," finance minister Michael Noonan warned.

As in Greece, Portugal and Cyprus, high unemployment levels are one of the major risks to economic recovery in Ireland.

Irish unemployment is falling but remained at a high level of 12.8 per cent at the end of the third quarter, a drop from 13.6 per cent over three months.

"It's a combination of focusing in on fixing the things that were broken in our competitiveness, offering and driving the transition into exporting sectors," jobs minister Richard Bruton told AFP.

"I think it's showing that effort is delivering well but there's still a long way to go."

But advocacy groups warn that the most vulnerable in society will still suffer from the austerity measures that will remain in place despite the end of the bailout.

"There is a need for sensitivity. The suffering isn't over," John Dolan, chief executive of the Disability Federation of Ireland, told AFP.

"Without doubt, the financial crisis years have had a devastating consequence on people and will continue to do so for a number of years to come because we're going to have further cuts in the next budget," he added.

Anna Doyle, 42, and her husband Ambrose from Ashford in County Wicklow, south of Dublin, both lost their jobs in June 2011 and have been searching for work ever since.

"It's been really stressful and totally demoralising," Anna told AFP.

"Put the politicians in my house for a week and they'll see a different Ireland completely.They're not running down to Tesco at half past six at night for the reduced-to-clear to be reduced again so you can actually decide what you'll have for dinner."

She added: "Out of all the jobs I applied for I've only ever got two replies and my husband has not received one single reply in all that time."

- AFP/ec

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Ireland on Sunday formally exits its three-year bailout programme, becoming the first eurozone nation to do so, but authorities warned of further austerity to ensure economic recovery.

PHOTOS
Shoppers walk past the Bank of Ireland in Dublin. (AFP/Peter Muhly)
ENLARGECAPTION
DUBLIN: Ireland on Sunday formally exits its three-year bailout programme, becoming the first eurozone nation to do so, but authorities warned of further austerity to ensure economic recovery.

Dublin turned to the International Monetary Fund and European Union in November 2010 for an 85-billion-euro ($115-billion) rescue package after a banking crash and one of history's worst housing bubbles.

After painful belt-tightening Ireland is now returning unaided to the international lending markets -- while eurozone strugglers Greece, Portugal and Cyprus remain locked into the bailout process.

"It's an important moment for Ireland and for our people," Prime Minister Enda Kenny told the Irish Times newspaper in an interview published on Friday.

"Our credibility is being restored internationally and our name is in good standing."

Kenny will deliver a state of the nation-type address on Irish television later on Sunday. It is only the second time he has done so since coming to power in a general election called shortly after Ireland entered the bailout.

The end of the bailout means Dublin will now have greater control over economic decision-making after three years of stringent oversight by the EU, IMF and the European Central Bank -- the so-called troika of lenders.

The troika insisted on tax rises, structural reforms and the sale of state assets in exchange for the bailout, and assessed Ireland's progress every three months.

Ireland has returned to growth, unemployment is falling and the banking sector has been reduced to a more appropriate scale to match the size of the economy but analysts agree the banks remain a risk.

The IMF approved the 12th and last review of Ireland's progress on Friday, allowing a final $890 million payout.

"The suffering isn't over"

To mark the end of the bailout programme, the IMF's managing director Christine Lagarde praised Ireland's "steadfast policy implementation".

But Lagarde warned of "significant economic challenges" ahead.

"Unemployment is too high, public debt sustainability remains fragile, and heavy private sector debts and banks' slow progress in resolving nonperforming loans weigh on domestic demand," Christine Lagarde said in a statement.

Later this week, Dublin will publish a medium-term economic strategy outlining its post-bailout policies.

"This isn't the end of the road. We must continue with the same types of policies as the deficit is too high," finance minister Michael Noonan warned.

As in Greece, Portugal and Cyprus, high unemployment levels are one of the major risks to economic recovery in Ireland.

Irish unemployment is falling but remained at a high level of 12.8 per cent at the end of the third quarter, a drop from 13.6 per cent over three months.

"It's a combination of focusing in on fixing the things that were broken in our competitiveness, offering and driving the transition into exporting sectors," jobs minister Richard Bruton told AFP.

"I think it's showing that effort is delivering well but there's still a long way to go."

But advocacy groups warn that the most vulnerable in society will still suffer from the austerity measures that will remain in place despite the end of the bailout.

"There is a need for sensitivity. The suffering isn't over," John Dolan, chief executive of the Disability Federation of Ireland, told AFP.

"Without doubt, the financial crisis years have had a devastating consequence on people and will continue to do so for a number of years to come because we're going to have further cuts in the next budget," he added.

Anna Doyle, 42, and her husband Ambrose from Ashford in County Wicklow, south of Dublin, both lost their jobs in June 2011 and have been searching for work ever since.

"It's been really stressful and totally demoralising," Anna told AFP.

"Put the politicians in my house for a week and they'll see a different Ireland completely.They're not running down to Tesco at half past six at night for the reduced-to-clear to be reduced again so you can actually decide what you'll have for dinner."

She added: "Out of all the jobs I applied for I've only ever got two replies and my husband has not received one single reply in all that time."

- AFP/ec

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Will go with some more at 1.5c -1.6c

new6ie ( Date: 15-Dec-2013 13:26) Posted:

Liao le for Ipco. May go further down to 1.3/1.6 with the loss making report further dampening already bearishness for the counter.

Don't know what target to give now. Keeping away from this one for another month before looking at it again.

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40% of revised NAV of 3c is 1.2c. I've not been able to get IPCO at 1.5c so far. Perhaps I'll get them on Monday then.

Bigmama ( Date: 14-Dec-2013 07:45) Posted:

How does people put their TP above NAV where ipco has never trade above NAV? Miss Rose.... Need to seriously revise your super high target. Need to reflect if your calculation is way way off. Need to be Honest with oneself.

In fact ipco usually trade around 40% of NAV.

I guess Sifu iso is peeing in his pants now.....he claims to own many thousand lots of ipco. Cult leader finally realise there is no such thing as UFO landing in bukit timah hill.

Bigmama ( Date: 14-Dec-2013 07:26) Posted:

Like that ......... It is difficult to even see 2 cents for a long time.

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PUBLISHED DECEMBER 14, 2013
Ireland exits bailout but isn't out of the woods
Analysts say the banking sector is only partly repaired even though the economy has made substantial progress
PRINT |EMAIL THIS ARTICLE

BETTER DAYS
Ireland has achieved a lot since the frosty winter in 2010 when the troika officials first arrived. - PHOTO: AFP
Dublin
IRELAND takes a major step tomorrow when it becomes the first eurozone country to exit a financial bailout programme, but the path to full recovery is littered with challenges.
In November 2010, Ireland turned to the International Monetary Fund (IMF) and the European Union (EU) for help when its economy deteriorated rapidly in the face of massive job losses and a crumbling and overstretched banking sector.
Three years later, tomorrow's bailout exit will result in Ireland returning unaided to the international lending markets. In doing so, it will become the first of four bailed-out countries who use the euro to exit a rescue programme - Greece, Portugal and Cyprus remain locked into the painful process.

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PUBLISHED DECEMBER 13, 2013
Eurozone employment shows no change q/q in third quarter
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Job creation was also flat in Italy and it fell in Spain, but the situation in both euro zone countries was improving since the beginning of this year, data showed - PHOTO: AP
[BRUSSELS] The number of people with jobs in the eurozone was unchanged for the second consecutive quarter in the three months to September, showing the bloc's economic recovery has not yet filtered through to the labour market.
But eurozone employment was shrinking more slowly than a year ago on a year-on-year basis - it contracted 0.8 per cent in the third quarter against -1.1 in the previous three months, data from the EU's Eurostat showed on Friday.
The unemployment in the 9.5 trillion euro economy, ravaged by 4 years of financial and economic crisis, remains near a record high above 12 per cent and is expected to ease only gradually next year as economic growth slowly picks up.
Job creation, like the uneven economic recovery, differs from country to country and from sector to sector.

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How do you arrive at that conclusion ? What are the numbers in the account that you are referring to ?

Bluemanta ( Date: 13-Dec-2013 23:53) Posted:

even without considering the fair value loss of blumont n innopac, it's core businesses i.e. gas etc. are still making a loss based on the accounts...

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SCFI: Asia-to-Europe Lanes Soar in Lead Up to Dec. 15 GRI

JOC Staff | Dec 13, 2013 4:34PM EST

print
Spot container rates from Asia to northern European and Mediterranean ports measured by the Shanghai Containerized Freight Index jumped by more than $500 each in the week of Dec. 13, only a few days before a general rate increase set for Dec. 15-16. MSC, Hapag Lloyd, Maersk and CMA CGM announced increases of between $750 and $775 per 20-foot-equivalent unit.
Maritime News?Trade Lanes?Asia-Europe

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When thing is hopeless, that's when sometimes opportunity also presents itself.

dogbone1 ( Date: 13-Dec-2013 23:36) Posted:

Hopeless

Jackpot2010 ( Date: 13-Dec-2013 23:27) Posted:

1H 2013 result announcement

1H Net Loss = $100m.

NAV 31/10/13 = $0.03 (vs $0.08 on 30/4/2013)

Comments: NAV dropped to $0.03 mainly due to fair value adj to financial assets. All its operating businesses contributed marginally to its top & bottom-line, i.e real estate in US, piped gas supply in China & supply of electrical equip in US.

DYODD, not vested. Those not vested should look elsewhere to invest. This 1 is not value-for-money even though current px @1.7c is lower than its NAV 3c.

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May have to watch for possible recovery next year.

Drewry's Eastbound Trans-Pacific Rate Falls Below Pre-GRI Level

JOC Staff | Dec 11, 2013 2:32PM EST

The Drewry benchmark rate for shipping from Hong Kong to Los Angeles fell by $100 for a third straight week, eroding not only the $250 per 40-foot-equivalent unit increase seen in mid-November, but dropping the current rate $50 below the pre-GRI level.

Solidsnake ( Date: 12-Dec-2013 23:39) Posted:

Correct me if I'm wrong... I thought BDI has no relation to container shipment? BDI is for dry bulk shipment? Hence, it's not applicable for NOL.. More applicable for Mercator...?

ascend88 ( Date: 12-Dec-2013 21:45) Posted:

Baltic Dry Index (BDI) +38 2337

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Indeed.

Shanghai port moves more containers in November

By Lee Hong Liang
from Singapore

China's Shanghai port recorded higher box throughput in November over the same period last year, according to figures from Shanghai International Port (Group) Co (SIPG).

The world's busiest container port registered 2.94m teu of volumes last month, up 4.3% from 2.82m teu posted in November 2012, data from SIPG showed.

Last month's volumes also rose 4.6% compared to 2.81m teu recorded in October this year.

In the first 11 months of this year, Shanghai port posted a total throughput of 30.92m teu, an increase of 3.9% over 29.77m teu in the previous corresponding period.

Last year, Shanghai port posted an annual throughput of 32.53m teu.

sgng123 ( Date: 11-Dec-2013 23:13) Posted:

Positive news all round but STI moving south due to tapering fear plus fund managers all out locking in profit. Had to wait till Jan 2014 before any big movement on ship price. Hope Fed reserve can taper this month, would removing the last uncertainty blocking economy growth. The US congress, Senate and Obama most likely would approve the budget so no worry.

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Just watched CNA reporting on container shipping growth projected by Lloyd's Register and Mersk of about 6% next year.

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The chart has crossed the 50D MA. Positive signal with higher volume.

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«Business

Hapag-Lloyd CEO eyes growth through shipping consolidation
Mon Dec 9, 2013 12:30pm IST

HAMBURG, Dec 9 (Reuters) - German shipping company Hapag-Lloyd's merger talks with Chile's Vapores may herald further deals with other peers, its chief executive said, as the group strives to catch up with the industry's top three players.

"The aim should be to create something bigger by merging several companies," Michael Behrendt told Reuters.

"It is my goal that we can catch up with the top three. I may not be able to achieve this during my time, but perhaps make a step in that direction," he added.

Hapag-Lloyd, the world's No.5 container shipping company by capacity, last week said it was in talks to merge with smaller Chilean shipper Compania Sud Americana de Vapores, adding that no agreement had yet been reached.

Shipping groups have been struggling through the worst slump on record, with the weak global economy, oversupply of vessels and low freight rates highlighting the benefits of consolidation in the sector.

It is not the first time Hapag-Lloyd, burdened by 2.35 billion euros ($3.22 billion) of net debt and a nine-month net loss of 56 million euros, has sought expansion through large mergers, though deals have proved elusive.

Last year it held talks with German peer Hamburg-Sued over a deal that would have created the world's No.4 player behind Maersk Line, part of Danish conglomerate A.P. Moller-Maersk , Switzerland's Mediterranean Shipping Company and France's CMA CGM, but the parties were unable to agree terms.

Six years ago a potential merger with Singapore's Neptune Orient Lines fell through after wrangling over who would own the majority stake.

Behrendt also said that Hapag-Lloyd, in which German travel and tourism group TUI AG owns a 22 percent stake, is ready to launch an initial public offering (IPO) when market conditions improve.

TUI's Chief Executive Friedrich Joussen in September said the group would offload its Hapag-Lloyd stake via an IPO as soon as market conditions allowed, adding that such a step is unlikely before autumn 2014.

The city of Hamburg holds 36.9 percent of Hapag-Lloyd, while Klaus Michael Kuehne, who also controls Swiss logistics group Kuehne & Nagel, owns 28.2 percent. ($1 = 0.7308 euros) (Reporting by Jan Schwartz Writing by Christoph Steitz Editing by David Goodman)

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Give this stock till early next year to see major move up.

PUBLISHED DECEMBER 09, 2013
Growth strengthening in most advanced countries: OECD

Growth is strengthening in most advanced economies, with tentative signs of momentum gathering in key emerging markets, the OECD said on Monday - PHOTO: AFP
[PARIS] Growth is strengthening in most advanced economies, with tentative signs of momentum gathering in key emerging markets, the OECD said on Monday.
The OECD index of composite leading indicators (CLI) showed that growth conditions were holding at above trend in Japan as they continued to improve in the US and Britain.
Inside the eurozone, the CLIs show growth strengthening in Germany with a switch to positive momentum holding in France and Italy and widenening to the currency bloc as a whole.
Among the major emerging markets, the CLIs showed growth on par with trend in Brazil and a tentative return to positive momentum in China, Russia and India.

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Oops... you are right. So, IPCO will move on its own destiny. Good and bad but at least can chart its own course and focus on its energy business and the others more tangible stuff. Hope it learns its lesson on the treatment of fair value recognition.

cccx123 ( Date: 09-Dec-2013 16:36) Posted:

If I am not wrong, SSGL is the holding company for Blumont's stock under IPCO. So selling 70% of SSGL equates to giving up 70% of Blumont. Think it has already been sold. There was no need for shareholder's approval since the disposal is less than 80%. So yea..

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If Blumont rises above 0.10, then IPCO should return to 0.021

Bigmama ( Date: 09-Dec-2013 15:25) Posted:

Then 2 cent it will be for ipco. Lol

qwertyuiop00 ( Date: 09-Dec-2013 13:25) Posted:

Haha I'm just guessing only. Ipco is probably placing a very big bet on blumont, if blumont can solve all its problems and start its mining activities soon, probably we will see the mother of all comebacks, but if blumont fails, then I think blumont and ipco will just stay in the doldrums forever, blumont especially not gonna see the sunlight, haha just my 2 cent