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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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Monday, 24 February 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with slo ...
Monday, 24 February 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR DELIVERY APRIL - JUNE 2014 SLIDES TO $ 58.60 PMT
COALspot.com – Indonesia, the world’s the largest exporter of the thermal coal's swaps for delivery April - June 2014 slide week ended ...
Monday, 24 February 14
Q1 2015 DELIVERY COAL SWAP CLOSED AT 2.62% HIGHER THAN Q2 2014 CLOSING SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.68 percent month on month and closed at US$ 76.20 per mt as on Fr ...
Saturday, 22 February 14
SHIPPING POISED TO RALLY AFTER SEVERAL WEEKS OF DROP
COALspot.com: The freight market was steady to firm with the dry bulk index up by 6.24 pct closing at 1,175 points week on week and the cape index w ...
Saturday, 22 February 14
POTEN RAISES THE QUESTION OF ACCURACY IN CALCULATING TANKER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rat ...
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- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Planning Commission, India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
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