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 $125bn... Whilst the presence of “new” money is duly noted, we all need to realize that the industry must be able to carry its own weight. If that means changing our processes, transparency levels, corporate responsibility standards, etc. in order to bridge this gap and attract a greater share of their attention, then maybe this is a change we should embrace", Dermatis concluded.
Meanwhile, in the dry bulk market this past week, things continued to improve on the back of rates for the smaller size segments holding on to their levels and those for Capes correcting upwards, said Intermodal, while the spill-overs of the improved sentiment have yet to affect the Panamax market. Nevertheless, the BDI ended yesterday on yet another higher note, ending the session at 1,222 points.
Source: Nikos Roussanoglou, Hellenic Shipping News
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 18 March 14
SECOND QUARTER SUB-BIT FOB INDONESIA COAL SWAP LOST 3.27% IN A MONTH
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Tuesday, 18 March 14
NEWCASTLE COAL EXPORT VOLUME FALLS 26.23% WEEK ON WEEK
COALspot.com: In the week ended 17 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 17 March 14
API 8 CFR SOUTH CHINA COAL SWAPS FOR AVERAGE Q2 14 DELIVERIES LOST 2.59% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.59 percent month on month and closed at US$ 74.15 per mt as o ...
Sunday, 16 March 14
BDI DOWN ON LOW CAPESIZE ACTIVITY
COALspot.com: The freight market was slightly soft this week with BDI down by 4.28 pct week on week. The BDI closed at 1,477 points and the cape ...
Friday, 14 March 14
DRY BULK MARKET ENTERS RECOVERY MODE, ON INCREASED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has entered and sustained higher ground as of this week, on the back on increased Capesize demand. Although the situation in ...
|
|
|
Showing 3796 to 3800 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
|
| |
| |
|
