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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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- Indian Energy Exchange, India
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
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