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Friday, 16 December 11
DRY BULK MARKET LOSES TRACK ON CAPESIZE LOSSES, SHIP FINANCING REMAINS TROUBLESOME - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market didn’t manage to sustain earlier gains, losing track yesterday, on reduced Capesize demand and persisting troubles in smaller ship sizes, with the bright exception of Panamaxes, which have been steadily recovering this week from earlier losses. As a result the industry’s benchmark, the Baltic Dry Index (BDI) was down by 1.2% to 1,889 points, with Capesize leading the losses. The BCI (Baltic Capesize Index) was down by 2,22% to 3,571 points, while both Supramaxes and Handysizes were also on the negative track, losing 0.5% and 0.6% respectively.
In a report this week from shipbrokers Intermodal, the issue of ship financing was the main focus. According to the shipbroker, troubles remain in the sector and have seemingly deteriorated further as news continues to surface with regard to financially troubled ship owners and ship finance houses. An increasing number of listed shipping companies have been filing for Chapter 11, many are ugently looking to restructure their debt and secure their financial position, while others are resorting to cancelling new building orders, because of their inability to follow through with them.
Intermodal’s George Lazaridis said that “since Since the start of the crisis, financing has been limited for shipping companies as most western markets are strapped for cash. Many German owners have already felt the deteriorating conditions as their traditional source of financing, the KG market, has been dried up and is unlikely any time soon to witness similar funding volumes compared to those in the past. In the rest of Europe, banks are lacking lending capability and due to the heavy regulations and stress tests they are subjected to, have been trying to restructure most of their portfolios and are not in their current state ready to extend to much new business and new clients.
With the European debt crisis looking to continue while at the same time fundamentals point to a poorly performing freight market in 2012, it is expected that we will see financing problems carry on for shipowners. They will have to find novel ways to manage their cash flows and ride out the storm. On the other hand, all this turmoil has surfaced and will continue to provide perfect investment opportunities for cash rich shipowners. Secondhand prices have dropped considerably for both tankers and bulkers this year, while current earnings, although at low levels, are ample enough to cover in most cases OPEX costs and fairly inexpensive CAPEX costs. What’s more is that buying at current levels means that you have secured shipping assets at fairly close to their rock bottom levels and as long as you can operate them and maintain them long enough there is opportunity for considerable gains to be made once the tide turns. After all, shipping is a long term investment and is accustomed to market cycles just like any other market” said Mr. Lazaridis.
He went to state that with all that in mind and considering the fact that there are few investment options out there beyond shipping, that can secure a highly enticing return; “shipping assets remain a comparably good and sound investment option. One only has to look at the US and European stock markets these past months to confirm this. Going back a couple of years and you would find your stockbroker advising you that the safest bet in the stockmarket is shares in large financial organisations; claiming guaranteed return and ever increasing prices. It is not the opinion of this writer that shipping assets are a safer bet, but to “shipping people” it is an investment decision they know and understand much better. That on its own makes for much better risk management.
It is no surprise therefore that we see the same nationalities holding the top position for shipping investments. Greeks continue to lead the SnP market and are likely to close the year with an investment of over $ 4.5bn in secondhand vessels, while Chinese are close second though with a considerably lower total investment sum. What drives the point home is that this was done in the back drop of a major Greek sovereign debt crisis which has been unfolding since early 2010” concluded Lazaridis.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 02 November 11
MMTC TO BUY 3.73 MILLION TONS OF COAL FOR 2011- 2013
COALspot.com - India’s state-owned coal and mineral trader MMTC looking for 3.73 million tons of power plant coal for the period 2011 - 2012/ ...
Wednesday, 02 November 11
PANAMAX MARKET BECAME QUIETER AFTER THE RECENT RECOVERY - BRS
There were substantial losses across the board this week: the BDI lost 6.3% to end at 2,018 and the BCI 8.2% to end 3,274. In the smaller sizes the ...
Tuesday, 01 November 11
BORNEO LUMBUNG BUYS 23.8% INTEREST IN BUMI
COALspot.com - PT. Borneo Lumbung Energi (BORN), an Indonesian coking coal producer announces that it has signed a sale and purchase agreement, cond ...
Tuesday, 01 November 11
BAKRIE FORMS STRATEGIC PARTNERSHIP WITH BORNEO - REDUCING DEBT BY USD 1 BILLION
Press Release - Enhancing the standing of “Indonesia Inc.” at the London Stock Exchange PT Bakrie & Brothers Tbk (“BNBR” ...
Tuesday, 01 November 11
ATLAS RESOURCES SETS IPO AT RP1,500 - INSIDER STORIES
Insider Stories reported that, coal miner PT Atlas Resources Tbk has set its initial public offering (IPO) at Rp1,500 (approximately US$ 0.169) per ...
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- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Planning Commission, India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
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