November 9, 2015
In August 2009, we stated in a letter to Shareholders and have commented on since, “We believe the [dry bulk] shipping markets represent a disaster in the making and if the ship has a propeller, it should be sold.” Long-term the dry bulk market is still in trouble, with few solutions for shipowners – and solutions available, shipowners are loath to enact. [“Suicide is Painless” is a line from the movie MASH. the dentist “Painless” recovers by morning. Dry bulk shipping’s survival will not be so quick or easy.]
Ten more Valemaxes are on the way. China Ore Shipping (“COS”) recently ordered 7 x 400,000 deadweight (“dwt.”) newbuilding Valemaxes. These seven of these vessels are being built at Shanghai Waigaoqiao Shipbuilding (“SWS”) for delivery 2017-2018. COS is a joint venture between China Shipping Group (“CSG”) and China Ocean Shipping Group (“COSCO”). The balance of the order is expected to be ordered from a yard controlled by China Shipbuilding Industry Company (“CISC”). The ships will be chartered to Vale in Brazil as part of a 25 year contract of affreightment (“COA”). As of the end of September 2015, by the end of 2017 nearly 50 million dwt. of Capesize vessels were due for delivery (i.e., approximately 16.0% of the Capesize fleet). An additional 4 million dwt. on the orderbook is not the solution for the dry bulk market and additional orders that may be forthcoming will not improve the dry bulk market.
Bonhams, the auction house, is holding a scotch auction in New York on November 20th at beginning at 10:00am. A little early to drink in New York and London, but it is past 5:00pm in Hong Kong. – Smile!
Some really stunning bottles are being auctioned off including: –
Ardbeg Single Cask 1972
Distilled 27 Oct 1972, bottled 14 Oct 2004 by Ardbeg Distillery Limited.
Cask number 2780, Ping No. 1, bottle number 41 of 245. In presentation case. Good label. Level: into neck. 70 cl. Single malt, 51.4% volume
“There’ll be another scramble to Copenhagen when the world gets word of this one…sadly I didn’t get this until just after the last Bible went to press: as an October 2004 bottling this might have won Whisky of the Year, but we’ll never know! 51.4%. 245 bottles for Juuls Vinhande (Denmark). Rated 97. Jim Murray – Whisky Bible”
The Balvenie 50 Year Old 1952
In cask 26th January 1952, bottled 5th September 2002. Distilled & bottled by The Balvenie Distillery Company.
Cask 191. Bottle number 36 of 83. In wooden presentation case. Good label. Level: very top shoulder. 70 cl. Single malt, 45.1% volume
Bruichladdich 40 Year Old 1964
Distilled 22nd October 1964 by Bruichladdich Distillery.
Bottle number 152 of 550. Level: high shoulder. 700 ml. Single malt, 43.1% volume
The Macallan Millennium Decanter 50 Year Old 1949
Distilled January 1949, bottled August 1999 by The Macallan Distillers Ltd.
Caithness Glass, hand blown crystal decanter. In fitted wooden presentation case with copper-clad crystal stopper. Original shipping box. 700 ml. Single malt, 43% volume
Gary D’Urso, Bonhams, Specialist – Whisky, New York, United States
Tel: +1 917 206 1653
Fax: +1 212 644 9009
October 29, 2015
Greenshields Agri Holdings Plc
29 October 2015 MERGER ANNOUNCEMENT
Greenshields Agri announces merger with Agricultural Management Haddington.
Greenshields Agri, the rapidly growing agricultural company based in South East Scotland, and Agricultural Management Haddington (“AMH”), the East Lothian based farming and farm management company are pleased to announce that they have agreed terms to merge their farming businesses.
The merger will create one of the largest agricultural operations in the Northern Grain Belt and will create the critical mass to allow it to further develop its strategy of investment in the latest technology and machinery to provide existing and future customers with a strong and stable state-‐ of-‐the-‐art precision farming service.
The well-‐capitalised business will farm over 7,000 acres of good quality arable land from Edinburgh to Newcastle and will control over 18,000 metric tonnes of grain storage including 2 grain driers and weighbridges.
August 11, 2015
Corn and Soybean Pro Farmer Crop Condition Index (“CCI”) post modest gains…
When U.S. Department of Agriculture’s (“USDA”) weekly crop condition ratings are plugged into the weighted CCI’s (0 to 500 point scale, with 500 being perfect), the corn crop ticked another 0.59 points higher to 376.17. The soybean crop rose 1.3 points to 355.90 over the past week. Both of these ratings are down from year-ago levels when the corn crop had a 386.08 CCI rating and the soybean crop stood at 373.84.
With rates up over the past seven/eight weeks, dry bulk owners, particularly Capesize, are breathing easier. Daily earnings increased by an average 45% month-over-month in July 2015. Dry bulk rates are exceed operating costs for the first time this year. In July, Capesize spot rates nearly doubled and approaching $20,000 per day (“p/d”) in early August. Panamax spot rates increased to an average $8,400 p/d (up 45% month-over-month), peaking at $9,400 p/d during mid-July.