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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 $125bn... Whilst the presence of “new” money is duly noted, we all need to realize that the industry must be able to carry its own weight. If that means changing our processes, transparency levels, corporate responsibility standards, etc. in order to bridge this gap and attract a greater share of their attention, then maybe this is a change we should embrace", Dermatis concluded.
Meanwhile, in the dry bulk market this past week, things continued to improve on the back of rates for the smaller size segments holding on to their levels and those for Capes correcting upwards, said Intermodal, while the spill-overs of the improved sentiment have yet to affect the Panamax market. Nevertheless, the BDI ended yesterday on yet another higher note, ending the session at 1,222 points.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 29 April 14
Q4 SUB-BIT INDONESIA COAL SWAP CLOSED US$ 1.07 HIGHER COMPARED TO Q2 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
Tuesday, 29 April 14
NEWCASTLE SHIPPED 3.03 MILLION TONS WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 28 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Tuesday, 29 April 14
Q2 API 8 CFR SOUTH CHINA COAL SWAP LOST 0.29% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 0.29 percent month on month and closed at US$ 75.43 per mt as o ...
Monday, 28 April 14
CHINA LIKELY TO FALL SHORT OF NUCLEAR POWER TARGETS AT 175GW OF CAPACITY BY 2030 - WOOD MACKENZIE
Coal will remain dominant supply at 64% of power mix
Wood Mackenzie forecasts that China will not meet its environmentally-driven, government ...
Sunday, 27 April 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK
COALspot.com: The freight market seems to have bottomed out and saw some marginal gains in all segments, said Capt. Reddy of Vistaar Shipping In ...
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- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Dalmia Cement Bharat India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Australian Coal Association
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
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