We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 02 April 14
CHINA: ARBITRATION CLAUSES IN BILLS OF LADING UNDER CHINESE LEGAL PRACTICE - SKULD
KNOWLEDGE TO ELEVATE
Successful incorporation of a charterparty arbitration clause into the bills of lading is not a straight forward matte ...
Wednesday, 02 April 14
BPI BREAKING BELOW THE 1,000 PSYCHOLOGICAL LEVELS - INTERMODAL
Any resistance put forth by the Dry Bulk market the week prior was succumbed this time round. All indices slid and losses were noted across the ...
Tuesday, 01 April 14
NEWCASTLE PORT SHIPPED 11.95 MILLION TONS OF COAL IN MARCH 2014
COALspot.com: In the week ended 31 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 31 March 14
SHIPPING CONFIDENCE HITS HIGHEST LEVEL SINCE 2008 - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, ...
Monday, 31 March 14
COAL SWAP FOR Q1 2015 DELIVERY HAS CLOSED 4.76% HIGHER COMPARED Q2 14 CLOSING
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
|
|
|
Showing 3771 to 3775 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Eastern Energy - Thailand
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- PTC India Limited - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
|
| |
| |
|
