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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, 26 March 14
NEWBUILDING ORDERING ACTIVITY PICKS UP PACE ON IMPROVING DRY BULK MARKET CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The gradual improvement of the dry bulk market, as expected for some time now, is urging shipowners to increase their newbuilding ordering activ ...
Wednesday, 26 March 14
LARGE AMOUNT OF VESSELS CHARTERED TO HAUL IRON ORE CARGOES TO CHINESE BUYERS THIS WEEK - COMMODORE RESEARCH & CONSULTANCY
COALspot.com: Through the first three days of this week, 18 dry bulk vessels have been chartered to haul spot iron ore cargoes to Chinese buyers ...
Wednesday, 26 March 14
JOIN IN THE CLEAN COAL CASE STUDY WITH SINOPEC!
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 Experts ...
Tuesday, 25 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR Q2 DELIVERY CLOSED $ 57.40 PMT W/E 21 MARCH 2014
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Tuesday, 25 March 14
NEWCASTLE COAL EXPORTS JUMP 29.16% TO 2.79 MMT WEEK ON WEEK
COALspot.com: In the week ended 24 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2.79 ...
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- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
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- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
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