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1321-1340 of 3100
When the analyst says HOLD, means don't sell.
When the anal*** says SELL, means don't buy.
Thanks Cosco 888
Cosco Corporation
May 5 close: $1.12
KIM ENG RESEARCH, May 5
SECURES FPSO conversion for Modec: Cosco has announced that it has
secured a contract to convert an 18-year-old Very Large Crude Carrier
(VLCC) tanker to a Floating Production Storage and Offloading (FPSO)
vessel.
The customer is Mitsui Ocean Development & Engineering Co, Ltd
(Modec), and the job will be carried out at its Dalian yard. Modec is a
repeat customer, having previously undertaken a similar FPSO
conversion, which was completed in 2007.
Estimated value around US$40 million: At the request of the customer, Cosco is not disclosing the value of the contract.
However, we understand that Modec will be supplying the equipment,
and we therefore estimate the contract value to be around US$30-40
million. The conversion includes topside integration and commissioning.
The FPSO is scheduled to be re-delivered around mid-2010 and for
deployment in the Petrobras’ Tupi Oil Field in water depths of over
2,000 metres.
Market conditions still difficult: This contract is positive, as
there have been no significant new orders for Cosco for more than six
months.
However, a recent chat with management reveals that while there have
been no specific cancellations, the risk of re-negotiations and
delivery delays remains, in the current tight credit market and
difficult operating conditions. Cosco will be releasing its Q1 2009
results tomorrow.
We expect Cosco to post sales of around $700 million and net
earnings of about $65 million for the quarter. Overall, we still expect
Cosco to earn $357.4 million in FY2009 on its US$7 billion orderbook.
Raising fair value target, but ’sell’ recommendation remains: The
market has been taking these risks in its stride, and the broader
marine sector has seen a sharp upward re-rating in the last week, in
line with the market recovery.
We are pegging Cosco’s target price to current sector price-to-book valuations of 1.6 times, or $0.81.
However, our ’sell’ recommendation is maintained, pending more evidence of a stabilisation of the business.
SELL http://sgxresearch.com/2009/05/05/cosco-corporation-050509-kim-eng-research/
Cosco, U can do better. comeon shoot up, show ur power. 888
Strange.. it only surge for 2 cents and drop back to it's opening again... Any comments on the current 1.13 price? My colleague says its high but I think cosco can do better..
Before end 2009,maybe>$2...
China yard Dalian wins $500M Tupi job
The giant Tupi oilfield offshore Brazil will get its giant floating production facility next year, after Japan's Mitsui Ocean Development & Engineering Co., or MODEC, on Monday awarded Dalian Shipyard Co. the job of converting its supertanker for.
Singapore-based COSCO Shipyard Group, indirect majority owner of the Chinese yard Dalian, said the 18-year-old very-large crude carrier VLCC Sunrise IV will become an FPSO, or floating production storage and offloading vessel, for MODEC.
The conversion is understood to cost over $500 million, judging from other conversions, and the contract involves repair, topside integration and commissioning. The vessel is set for final delivery in mid-2010.
The Tupi FPSO is designed to operate for 20 years without dry-docking and can produce 100,640 oil per day, 5,000,000 cubic metres of gas per day while storing 1,600,000 bbls of oil.
The capacity confirms Brazilian energy champion Petrobras statements of last year promising pilot production in late-2010 of 100,000 bpd, 10 percent of what BG chief exec Frank Chapman said was eventually possible at the offshore trove.
On Friday, BG announced first commercial oil from the Santos Basin field license BM-S-11, where another FPSO, the BW Cidade de Sao Vicente is already in production. A second well in the permit, Tupi P1, is planned for June 2009 and will be tied back to the same FPSO.
The current extended well test on Tupi is expected to last 15 months and is seen reaching 15 000 bpd.
The Tupi field is operated by Petrobras with a 65-percent stake. BG Group holds a 25-percent stake and Galp Energia a 10 percent.
The South Atlantic ocean at Tupi is 2,500 metres deep. Tupi is believed to contain up to eight billion barrels of oil and oil equivalent and has been reported in detail by Scandoil.com since its discovery late in 2007. Scandoil.com affiliate Scandinavian Oil-Gas Magazine has featured Tupi in deepwater coverage of past issues
http://www.scandoil.com/moxie-bm2/news/spot_news/dalian-wins-500m-tupi-tanker-makeover.shtml
GOOD NEWS...
COSCO WINS FPSO CONVERSION CONTRACT
The Board of Directors of COSCO Corporation (Singapore) Limited (the
“Company”) wishes to announce that its subsidiary, COSCO (Dalian) Shipyard
Co., Ltd. (“COSCO Dalian”) (being a subsidiary of the Company’s 51% owned
subsidiary, COSCO Shipyard Group Co., Ltd) has secured a major contract to
convert an 18 year old Very Large Crude Carrier (VLCC) tanker, MT “SUNRISE
IV”, to a Floating Production Storage and Offloading (FPSO) vessel for Mitsui
Ocean Development & Engineering Co., Ltd (MODEC).
The conversion contract involves repair and conversion of the vessel to FPSO
including topside integration and commissioning. This FPSO is scheduled to be
re-delivered in mid 2010. The FPSO is designed to operate for 20 years without
dry-docking and it will have a production capacity of 16,000 M3 oil per day,
5,000,000 Nm3 gas per day, and a storage capacity of 1,600,000 barrels of oil.
The FPSO is scheduled to be re-delivered to MODEC around mid 2010 and for
deployment in the Petrobras’ Tupi Oil Field, near Brazil in water depths of
between 2,200 meters and 2,500 meters.
By Order of the Board
Jiang Li Jun
Vice-Chairman and President
4 May 2009
Cosco has wide institutional following and well like by fund managers as it has been listed in many Stock exchanges-it's a bell weather stocks.
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("COSCO" or the Company) has the largest Ship Repair, Ship Building & Marine Engineering operation in China. A diversified group with activities also in the Dry Bulk Shipping, Shipping Agency and other sectors, it is the SGX Mainboard-listed subsidiary of China Ocean Shipping (Group) Company ("COSCO Group"), China’s largest shipping group and one of the top shipping conglomerates in the world.
COSCO has achieved significant progress in growing its Ship Repair, Ship Building & Marine Engineering capacities and capabilities. The completion of its acquisition of a 51% stake in the largest shipyard in China, COSCO Shipyard Group ("COSCO Shipyard"), on 1 January 2005 had propelled COSCO into the premier league in the ship repair industry. COSCO is poised to continue in its dynamic growth momentum for further breakthrough in its core businesses and global coverage. The Company is a component stock of the Straits Times Index (since 1 March 2004), constituent of the London benchmark FTSE All-World Asia Pacific (Ex-Japan) Index (since 19 March 2004) and MSCI Singapore (since 1 June 2005). In October 2006, the Company has been included as a component stock of Prime Partners China Index – the first index that tracks the performance of China enterprises listed on the Singapore Stock Exchange.
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Hi. How do you decide whether to factor XD into your charts anyway?
I can't really agree that "XD only a few cts.... don't think it matters that much.."
IMHO, the dividend of 7.7 cts is very significant, esp if we were to view it in %age terms when compared to share-price. It is quite difficult to find a peer paying same rate, eg YZJ share price ~50cts, divi 1.8cts; KepCorp share price $5.90, divi 21cts.
So, I think that by not factoring in the XD this time round, the gap appears, and this may signal bearishness. However, closing of the gap is a sign of bullishness, and in the process, a short term low is formed.
Anyway, please advise on when you decide to factor in XD into your charts? Thanks.
ozone2002 ( Date: 29-Apr-2009 19:32) Posted:
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XD only a few cents..don't think it matters that much..
as expected gap closure to happen
DnApeh ( Date: 28-Apr-2009 21:46) Posted:
| Need to factor in XD or not |
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http://www.vinamaso.net/news-events/shipping-logistics/cosco-cancels-bulker-orders.html
China Cosco Holdings is said to have cut five of its supramaxes on order at a subsidiary yard.
Shipping giant China Cosco Holdings is said to have slashed a number of supramax-bulker newbuildings on order at a domestic yard.
Market sources say the Beijing-based company has cancelled at least five of the 23 ships of 57,000 dwt on order at subsidiary Cosco Shipyard Group (CSG).
A source adds that the move is not recent. "[CSG] cancelled the ships three to four months ago, when the market was at its lowest point," he said. "The ships that have been ditched were scheduled for delivery in 2010 and 2011."
However, an official at Cosco Corp (Singapore) - which controls 51% of CSG - says the company has not received any cancellations from China Cosco Holdings and that the owner only has 18 supramaxes booked at the yard, not 23.
He adds that CSG has so far seen four newbuildings struck off its orderbook of 125 vessels and that it will delay delivery of 23 others. The official does not disclose the identity of the owners behind the cancelled vessels but India's Great Eastern Shipping is said to have axed two of the four 57,000-dwt newbuildings it has on order at CSG.
Last week, China Cosco Holdings said it was negotiating with yards to delay the delivery or cancel some of its 58 newbuildings on order. But it did not reveal what type of ships. The company's bulker orderbook comprises nine very large ore carriers (VLOCs), 10 capesizes, 16 panamaxes and 23 handymaxes.
Meanwhile, sources familiar with CSG say its shipbuilding facility in Zhoushan is falling behind on deliveries. They add that Cosco Zhoushan was supposed to hand over its first two newbuildings - a 57,000-dwt supramax bulker and a 5,200-car-equivalent-unit (ceu) pure car/truck carrier (PCTC) - to China Cosco Group in December. The bulker is said to have been delayed because of problems with its main engine, while the car carrier has proven complicated to build. Market observers say delays and order cancellations at CSG may not be a bad thing for the shiprepairer turned shipbuilder. It is said to have contracted too many vessels and overstreched its production schedule.
Strong resistance at 1.00, wonder if it will break through today.
XD only a few cents..don't think it matters that much..
as expected gap closure to happen
DnApeh ( Date: 28-Apr-2009 21:46) Posted:
Need to factor in XD or not?
ozone2002 ( Date: 28-Apr-2009 21:12) Posted:
| what a gap..for those daring ones.. price will rise to cover that gap.. |
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It is a trap!! Be careful. Based on FA and TA, no way it further up.
Better take some profit. Drom news, Swine flu spead too fast!! Be careful!
yes usually this is the case to push up prices to unload before closing for holiday... Monday is all about imagination for now
friday is holiday ,,,,,,,,,,,,,,,,now bb push up,,,,,,,,,,,,,,,can you imagine swine flu develope on weekend,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,next week open big or smalll,,,,,,,,,,,,,,,,,,,im dont know,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,im slideline
Need to factor in XD or not?
ozone2002 ( Date: 28-Apr-2009 21:12) Posted:
| what a gap..for those daring ones.. price will rise to cover that gap.. |
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what a gap..for those daring ones.. price will rise to cover that gap..
You are entitled to the div. 0.07
lm_clifford ( Date: 28-Apr-2009 16:57) Posted:
hi guys, i'm new with the dividend thingy. i bought this counter on 15 april.
Do i stil recieve Div?
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