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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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Friday, 21 February 14
INDONESIA PLAN TO CAP COAL OUTPUT AND HIKE ROYALTY; START MUSIC
COALspot.com: Energy and Mineral Resources Ministy of Indonesia is planning to increase the royalty for coal miners particularly for Mining Business ...
Friday, 21 February 14
THE WORLD'S SECOND LARGEST COAL MINER MINED 19.2 MMST OF COAL IN A WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, mined approximately 19.2 million short tons (mmst) of coal in a w ...
Friday, 21 February 14
DRY BULK MARKET SHOWS SIGNS OF LIFE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the c ...
Friday, 21 February 14
INDONESIA COAL OUTPUT CAP TO HURT MINERS RELIANT ON VOLUME GROWTH, FITCH SAYS
Fitch Ratings says that the credit profiles of mining sub-contractors and miners highly reliant on increasing volumes to support high debt servicing w ...
Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the signific ...
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- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- The University of Queensland
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
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