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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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Monday, 07 November 11
CHINA'S COAL IMPORTS STEAM AHEAD
Chinese seaborne coal imports have grown greatly in recent years, up from 39.2mt in 2008 to 167.7mt in 2010, with the result that China became a net ...
Saturday, 05 November 11
DEMAND SLUMP THREATENS MORE PAIN FOR BULK VESSELS - VISTAAR
COALspot.com - The market continued to fall with BDI dropping below 2,000 points by around 10 pct and closing at 1817 points. The cape index also co ...
Saturday, 05 November 11
BERAU STARTS TO EXPLORE BINUNGAN SITE - INSIDER STORIES
Insider Stories reported that, coal miner PT Berau Coal, a 90% owned subsidiary of PT Berau Coal Energy Tbk (BRAU), is busy to hold exploration in B ...
Friday, 04 November 11
INDIAN IRON ORE MARKET REMAINS DEAD - FEARNLEYS
Handy
The Atlantic market kept its strong position from last week. Even with fewer fixtures reported. Fronthauls still around 25k, wit ...
Thursday, 03 November 11
DRY BULK MARKET OFFICIALLY IN THE RED ON LOWER CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept falling yesterday, on lower iron ore demand, which has caused the industry’s benchmark, the BDI (Baltic Dry Index) to ...
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- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- The University of Queensland
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
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