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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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Saturday, 12 November 11
DRY BULK MARKET REGAINS SOME OF THE LOST GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market managed to edge forward yesterday, putting an end and halting the losses accumulated over the course of the past weeks, which ha ...
Friday, 11 November 11
PETROCOM ENERGY PLANS $40M TO BUILD COAL PLANT IN CILEGON - JP
The Jakarta Post reported that, Hong Kong-based Petrocom Energy Ltd has unveiled plans to invest up to US$40 million on a proposed coal-blending fac ...
Friday, 11 November 11
GOVT WAITS LEGAL DECISION ON BUKIT ASAM, ADARO DISPUTE - JP
The Jakarta Post reported that, The government says that it will not interfere in the settlement process of the dispute between state coal miner PT ...
Thursday, 10 November 11
INDONESIAN REFERENCE COAL PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the November 2011 Indonesian Coal Reference Price for thermal coal at U ...
Tuesday, 08 November 11
COAL MINER ABM INVESTAMA PLANS $290M PUBLIC OFFERING - JG
The Jakarta Globe reported that, ABM Investama, an Indonesian coal miner controlled by the Hamami family, plans to raise as much as Rp 2.6 trillion ...
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- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- MS Steel International - UAE
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
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