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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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- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
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