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