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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, 21 April 14
DRY BULK MARKET UPS AND - MOST RECENTLY - DOWNS OFFERS NO ROOM FOR RELAXING AMONG DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's latest demise, with the market retrating once again, since the end of March, has come at a time, when most ship owners ...
Sunday, 20 April 14
FREIGHT RATES END WEEK ON WEAK NOTE - VISTAAR
Wish you all Happy Easter.
The freight market continued to its downwards as BDI was fell 7.187 percent to 930 points week on week.
The ...
Friday, 18 April 14
US WEEKLY COAL PRODUCTION DECLINED BY 1% TO 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 17 April 14
DRY BULK MARKET ON RETREAT MODE, WHILE NEWBUILDING ORDERING ACTIVITY STALLS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating this week, a pattern which emerged since late March. Yesterday the BDI (Baltic Dry Index) ended yet a ...
Wednesday, 16 April 14
INDONESIA'S FEBRUARY 2014 COAL EXPORT VOLUME FELL 2.41%
COALspot.com: Indonesia, the world 4th largest coal producer and the global largest multi grade coal exporter shipped around $1.77* billio ...
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- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
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