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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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Thursday, 27 October 11
CAPESIZE REACHING NEW HIGHS - FEARNLEYS
Handy
Pacific market has mixed sentiments with tonnages fixed at firm levels and some tonnages in feast failing on subs.For indo-india, large eco ...
Thursday, 27 October 11
DRY BULK MARKET EDGES DOWN AS CHINAS IRON ORE DEMAND LOSES GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A plunge in Chinese iron ore demand, as a result of high steel inventories and a bleak outlook regarding steel prices, has prompted the dry bulk mar ...
Thursday, 27 October 11
BUKIT ASAM 3Q PROFIT SURGES 66.91%
Insider Stories reported that, the state-controlled coal miner PT Bukit Asam Tbk (PTBA) experienced a 66.91% increase in its net profit during a per ...
Wednesday, 26 October 11
MOODYS SEES MORE GROWTH FOR INDONESIAN COAL MINERS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s coal mining industry looks set to grow despite an uncertain global economic outlook, according to ...
Wednesday, 26 October 11
PWCS GLOBAL SHIPPING BENCHMARKING ANALYSIS: RECOVERY IN 2010 BUT GREAT UNCERTAINLY FOR 2011
The recovery of global trade in 2010 to the same levels as 2008 led to an improvement in the overall performance of shipping companies in 2010 compa ...
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- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Planning Commission, India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
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