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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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Thursday, 30 January 14
PANAMAX MARKET IS SOFTENING ON LESS ACTIVITY IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
In the Atlantic rates have been slowly sliding but ows can still achieve decent money for TArv´s. USG positions still being fixed in re ...
Thursday, 30 January 14
TANKER PROFITABILITY IS THE 'MILLION-DOLLAR' QUESTION FOR SHIP OWNERS THIS YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market conditions are expected to remain challenging throughout the year for tanker owners, but even more pressing will be the issue of a ...
Tuesday, 28 January 14
GLOBAL COKING AND STEAM COAL PRODUCTION HAVE GROWN 2% TO 3% TO ABOUT 7.1 BILLION TONNES AS OF THE END OF 2013 - VDKI
COALspot.com (Press Release): Initial figures on the world hard coal market at the VDKi ((Association of Coal Importers - German) New Year’s R ...
Tuesday, 28 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS JUMP 13.75% WEEK ON WEEK
COALspot.com: In the week ended 27 January 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 28 January 14
RESOURCE NATIONALISM OR PROTECTIONISM FOR THE MINING AND EXTRACTIVES INDUSTRY - JOHN WHITTAKER & MICHAEL SWANGARD
Resource nationalism or protectionism for the mining and extractives industry as well as soft commodities sector and the oil industry.
‘Res ...
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- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Australian Coal Association
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- White Energy Company Limited
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
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