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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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Sunday, 02 March 14
THE FREIGHT MARKET WAS STEADY TO FIRM THIS PAST WEEK - CAPT. REDDY
COALspot.com: The freight market was steady to firm this past week. The BDI was up 7.06 pct and closed at 1258 points and the cape index was also fi ...
Friday, 28 February 14
PTBA TO INCREASE ITS COAL TERMINAL'S LOADING CAPACITY TO 25 MILLION TONS PER ANNUM BY JULY 2014
COALspot.com: PT. Bukit Asam (PTBA), the Indonesian government owned coal miner operates several coal mining units in Sumatera as well as in Kaliman ...
Friday, 28 February 14
U.S PRODUCED 1.9% LESS COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 28 February 14
DRY BULK MARKET SLOWLY BUT STEADILY FINDS ITS FOOTING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, hit by the low seasonal demand which is a typical characteristic of the first quarter of each year, is beginning to emerge from ...
Thursday, 27 February 14
PANAMAX : MARKET CONTINUED TO DECLINE IN THE ATLANTIC
Handy
The Atlantic handy/supra market experienced a downward trend this week but not a dramatic one. TA rates are down around USD 800 w-o-w lead b ...
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Showing 3826 to 3830 news of total 6871 |
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- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- The University of Queensland
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Interocean Group of Companies - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Economic Council, Georgia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
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