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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, 16 November 11
A STRONG WEEK FOR THE CAPES - BRS
A sharp bounce by the Cape market pushed the BDI up by 3% last week. This was despite a softening in the other indices with the Panamax, Supramax an ...
Monday, 14 November 11
BORL SEEKS 660K MT OF LOW SULPHUR COAL
COALspot.com - BORL India has issued a tender for around 660,000 MT of 4500 - 5500 kcal/kg sub-bituminous Coal.
Bharat Oman Refineries Ltd ...
Sunday, 13 November 11
BUNKER PRICES REMAINED FIRM
COALspot.com - The market seemed to recover this week with the BDI and Cape Index up.
The BDI was up by only about 2.86 pct closing at 1835 point ...
Saturday, 12 November 11
COALINDO ENERGY LAUNCHED INDEX FOR 3400 GAR COAL
COALspot.com - PT Coalindo Energy, in cooperation with Argus Media Limited, launched the coal index for low-rank coal with a calorific value of 3,40 ...
Saturday, 12 November 11
BBJ WILL RELEASE A COAL CONTRACT
Jakarta Futures Exchange will soon release a coal futures contracts during the quarter 1 / 2012.
Director of the Jakarta Futures Exchange (BBJ) S ...
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- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- The University of Queensland
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Australian Coal Association
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
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