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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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Tuesday, 04 March 14
AUSTRALIA'S NPC TO SHIP 11.85 MMT OF COAL IN MARCH
COALspot.com: In the week ended 3 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 3.15 m ...
Tuesday, 04 March 14
HIGHER PRICES AND STEADY FREIGHT RATES LEAD SHIP OWNERS TO TEMPORARILY HALT SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P m ...
Monday, 03 March 14
SUB-BIT INDONESIA COAL SWAP (FOB) FOR AVERAGE Q115 CLOSED AT $60.28, $ 1.70 HIGHER THAN 2Q14
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slightly corrected do ...
Monday, 03 March 14
API 8 CFR SOUTH CHINA SWAPS: Q4' 2014 DELIVERY CLOSED US$ 1.40 HIGHER COMPARED TO Q2' 2014 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.90 percent month on month and closed at US$ 76.27 per mt as on Fr ...
Monday, 03 March 14
COSTS LIABILITY PASSING DOWN A CHARTERPARTY CHAIN - SKULD
KNOWLEDGE TO ELEVATE
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred shoul ...
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- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Australian Coal Association
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
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