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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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Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
Thursday, 20 October 11
CAPESIZE - TUBARAO /QINGDAO BEING FIXED AT STRONG US$ 29.75 PMT
Handy
The Atlantic market is quite steady, and market seems to be around the same levels as last week. Fewer fixtures reported though. ...
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- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
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