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 $125bn... Whilst the presence of “new” money is duly noted, we all need to realize that the industry must be able to carry its own weight. If that means changing our processes, transparency levels, corporate responsibility standards, etc. in order to bridge this gap and attract a greater share of their attention, then maybe this is a change we should embrace", Dermatis concluded.
Meanwhile, in the dry bulk market this past week, things continued to improve on the back of rates for the smaller size segments holding on to their levels and those for Capes correcting upwards, said Intermodal, while the spill-overs of the improved sentiment have yet to affect the Panamax market. Nevertheless, the BDI ended yesterday on yet another higher note, ending the session at 1,222 points.
Source: Nikos Roussanoglou, Hellenic Shipping News
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 28 January 14
DRY BULK SHIP OWNERS RETREAT TO OLD 'HABITS', REFUSING TO DEMOLISH OLD VESSELS, THREATENING MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
If one thing is clear as we reflect on the 2013 shipping markets, it's that ship owners took advantage of low prices, in order to acquire newer ton ...
Monday, 27 January 14
MERCATOR SINGAPORE REPORTS 52% INCREASE IN EBITDA FOR Q3 FY 2014 AS COMPARED TO PREVIOUS QUARTER
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company that operates a fleet of fourteen d ...
Monday, 27 January 14
13TH CLEAN COAL FORUM 2014
COALspot.com: (Press Release) - Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12 &13 2014 in Beijing, China. We a ...
Monday, 27 January 14
Q3 & Q4 API 8 CFR SOUTH CHINA COAL SWAPS CONTINUE TO REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swaps for average Q1 14 delivery lost 4.45 percent month on month and closed at US$ 79.05 per mt as on Frid ...
Monday, 27 January 14
Q3 2014 SUB-BIT INDONESIA COAL SWAP LOST GROUND, ENDS AT $60 PMT
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost 2.29% pmt month on month on Friday 24 January 2014. Th ...
|
|
|
Showing 3881 to 3885 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Planning Commission, India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
|
| |
| |
|
