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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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Wednesday, 23 April 14
KOMIPO INVITES BIDS FOR LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 90,000 Metric Tons (MT) of low volatile bit ...
Tuesday, 22 April 14
INDONESIAN MARCH COAL EXPORT VOLUME SURGE 9.12% TO 35.54 MMT
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.9 ...
Tuesday, 22 April 14
NEWCASTLE WEEKLY COAL EXPORTS FELL 13.33% THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 21 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Monday, 21 April 14
Q1'15 SUB-BIT FOB INDONESIA COAL SWAP SHOWING A POSITIVE TREND
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
Monday, 21 April 14
Q4 2014 AND Q1 2015 COAL SWAPS CLOSED MARGINALLY HIGHER COMPARED TO Q2 PRICES
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 0.87 percent month on month and closed at US$ 76.15 per mt as ...
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- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
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- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
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- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
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- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
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- PowerSource Philippines DevCo
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- Economic Council, Georgia
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- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
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- International Coal Ventures Pvt Ltd - India
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- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
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- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
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- Krishnapatnam Port Company Ltd. - India
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- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
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- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
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- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
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- Energy Link Ltd, New Zealand
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