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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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Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
Sunday, 20 November 11
THE FREIGHT MARKETS EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The market continued to move up with all sectors gaining except for handy size.
The BDI was up by 3.26 pct and closed at 1895 poin ...
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- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- The University of Queensland
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
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