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Thursday, 27 February 14
SHIPPING LOANS WORTH $5 BILLION HAVE CHANGED HANDS OVER THE PAST YEAR, AS FUNDS INVEST IN SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and hedge funds have all emerged as newcomers to the shipping financing segment, often assuming the role of traditional shipping banks, which have exited the market, or cut their exposure. According to the latest weekly report from shipbroker Intermodal, the vast majority of those funds have been consumed in buying up shipping loans. "About $5 billion in shipping loans have changed hands in the past year and demand is driving loan prices to levels almost in line with book values", said the shipbroker.
According to an analysis by Intermodal's SnP broker George Dermatis, these funds "do not hesitate taking over entire fleets and even align themselves with several managers in an insatiable escapade to take over debts and even ships/assets on their balance sheets. Funds tolerate systemic risk much more than traditional banks that are massively exiting or reducing their exposure in the sector. So one could argue that one player is filling up the void the other creates. Therein lays the paradox" he noted.
Dermatis said that "the characteristics of traditional banks are undoubtedly much more to the liking of traditional shipowners; no exit strategy other than full debt repayment, name lending based on interpersonal relationships, which in some cases dates back decades, experience over several shipping cycles and the list goes on. The industry perceives this as an overall alignment of interests. Private Equity funds stand more or less at the other side of the road on all of these points and that creates nervousness to most being afraid of how fast these investors can climb the learning curve or lose their interest in the process".
According to the broker, "the truth is that shipping largely remains in the hands of its professionals, who live and breathe the essence of this sector and who -to a large extent- have assigned a negative connotation to the publicity that funds along with capital markets and OTC offerings gather. So, despite the fact that financing from these sources has in many times arrived when no other source of funding was available, the truth is that our industry still views them with skepticism. My personal feeling is that people spend too much time “loving or hating” a way of financing whose significance has been grossly overestimated - at least for the time being", Dermatis mentioned.
He went on to add that "despite the fact that numbers -especially last year's- are indeed impressive, it seems that equity funds do not contribute more than $6-7bn on average per year, which seems like a drop in the ocean when compared to conventional debt financing by banks which continues to provide around $250bn annually according to Marine Money. During the peak times of 2008, these figures stood close to $500bn (!!!) and this should therefore be sufficient to hush down fears that private equity alone could lead to a bubble or that it could even distort market reality... The main worry linked to overcapacity remains and the finance gap on newbuilding orders persists if not broadens. The latest available data speaks of figures of over $125bn... Whilst the presence of “new” money is duly noted, we all need to realize that the industry must be able to carry its own weight. If that means changing our processes, transparency levels, corporate responsibility standards, etc. in order to bridge this gap and attract a greater share of their attention, then maybe this is a change we should embrace", Dermatis concluded.
Meanwhile, in the dry bulk market this past week, things continued to improve on the back of rates for the smaller size segments holding on to their levels and those for Capes correcting upwards, said Intermodal, while the spill-overs of the improved sentiment have yet to affect the Panamax market. Nevertheless, the BDI ended yesterday on yet another higher note, ending the session at 1,222 points.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 05 May 14
HUANENG CLEAN ENERGY RESEARCH INSTITUTE HAS CONFIRMED TO SPEAK AT CCF2014
Press Release: Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite ...
Monday, 05 May 14
SUB BIT-FOB INDONESIA COAL SWAPS LOST GROUND LAST WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports ...
Monday, 05 May 14
API 8 CFR SOUTH CHINA COAL SWAP FOR AVERAGE Q3 14 DELIVERIES: LOST 0.82% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 0.82 percent month on month and closed at US$ 75.20 per mt as o ...
Sunday, 04 May 14
INDONESIA TO INDIA FREIGHT RATES ARE SHOWING POSITIVE TREND
COALspot.com: The freight market is seems to be some recovery as cape index has increased by 7.84 pct week on week. Cape index closed at 1829 po ...
Friday, 02 May 14
ADARO ENERGY STARTS YEAR 2014 WELL DESPITE CURRENT MARKET CONDITIONS
COALspot.com: Adaro Energy, the second largest Indonesian coal miner's revenue increased 14% to US$ 845 million due to higher sales volume, ...
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- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Australian Coal Association
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- VISA Power Limited - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
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