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.
|
|
Thursday, 27 February 14
NEWCASTLE COAL EXPORTS SLIP 26.68 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 24 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2. ...
Wednesday, 26 February 14
SMALLER SIZE SEGMENTS HOLDING ON TO THEIR LEVELS; CAPES CORRECTING UPWARDS - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
The Dry Bulk market continued to improve this past week, on the back of rates for the smaller size s ...
Tuesday, 25 February 14
GBCE, A COAL UPGRADING TECHNOLOGY DEVELOPER, APPOINTS RICHARD BULMAN AS PROJECT DIRECTOR
Press Release: GB Clean Energy Ltd. (GBCE) announced today the appointment of Richard Bulman as Project Director. In this capacity Mr. Bulman ...
Tuesday, 25 February 14
ULTRAMAXES ARE THE 'WEAPON OF CHOICE' FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a busy start in 2014, as the first month of the year was a rather active in terms of second hand vessel purchases and newbuilding orderin ...
Tuesday, 25 February 14
SGX'S MONTHLY VOLUMES DRASTICALLY INCREASED AND REACHED A RECORD OF 810K TONNES YEAR-ON-YEAR
COALspot.com: SGX Thermal Coal derivatives started the new year with record volumes in January on the back of higher volatility, says SGX.
Accord ...
|
|
|
Showing 3831 to 3835 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Planning Commission, India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Australian Coal Association
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- The University of Queensland
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
|
| |
| |
|
