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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 $125bn... Whilst the presence of “new” money is duly noted, we all need to realize that the industry must be able to carry its own weight. If that means changing our processes, transparency levels, corporate responsibility standards, etc. in order to bridge this gap and attract a greater share of their attention, then maybe this is a change we should embrace", Dermatis concluded.
Meanwhile, in the dry bulk market this past week, things continued to improve on the back of rates for the smaller size segments holding on to their levels and those for Capes correcting upwards, said Intermodal, while the spill-overs of the improved sentiment have yet to affect the Panamax market. Nevertheless, the BDI ended yesterday on yet another higher note, ending the session at 1,222 points.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 10 February 14
SUPRAMAX STILL AT AROUND US$ 5K + BB 50K DELIVERY KALIMANTAN FOR A TRIP TO INDIA - CAPT. REDDY
COALspot.com: The BDI was down by 1.71 pct and closed at 1091 points week ended 7 February 2014. The BDI seemed to reach the bottom as the cape inde ...
Saturday, 08 February 14
U.S PRODUCED 84.5 MMMST OF COAL IN JANUARY; 2.05% UP MONTH ON MONTH, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 07 February 14
DRY BULK MARKET ON ' REVERSE' MODE DUE TO CHINESE HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept its uninspiring mood throughout yet another week, with the Baltic Dry Index (BDI) hovering slightly above the 1,000-poi ...
Thursday, 06 February 14
INDONESIA'S BAN ON THE EXPORT OF RAW MINERAL ORES COMES INTO FORCE - INCE & CO
COALspot.com: On 12 January 2014, the ban on the export of unprocessed mineral ores came into effect in Indonesia. This ban enforces the Mining Law ...
Thursday, 06 February 14
THE WORLD LARGEST COAL EXPORTER SHIPPED AROUND 35.90 MMT OF COAL IN DECEMBER 2013
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $2* billion worth ...
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- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
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