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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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Sunday, 05 January 14
API 8 CFR SOUTH CHINA COAL SWAP FOR Q3 DELIVERY CLOSED $ 80.05, A $ 0.90 LOWER THAN Q1 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 1.40 percept day on day closed at US$ 80.95 per mt as o ...
Sunday, 05 January 14
CENTRAL BUREAU OF INVESTIGATION OF INDIA REGISTERS CASES IN CONNECTION WITH ALLEGED SUPPLY OF LOW QUALITY INDONESIAN COAL BY A PRIVATE COMPANY TO NTPC & NSPCL
COALspot.com: The Central Bureau of Investigation of India has registered two cases regarding alleged supply of low quality imported Indonesian coal ...
Saturday, 04 January 14
THE INDONESIAN GOVERNMENT TO DOWNSIZE ITS COAL PRODUCTION TARGET TO 400 MMT THIS YEAR
COALspot.com: Indonesia to downsize its coal production target to 400 million tons in 2014, lower than the production in 2013, which stood at 421 mi ...
Friday, 03 January 14
IN 2013 RBCT HAS, FOR THE FIRST TIME, EXPORTED MORE THAN 70 MILLION TONS OF COAL
COALspot.com: South Africa's Richards Bay coal terminal, the world’s largest single coal exporting terminal shipped 6.788 million tonnes of c ...
Wednesday, 01 January 14
COAL & OIL TO SET UP ANOTHER 1,600 MW POWER PLANT IN INDIA - VENKATARAMANI
COALspot.com: Dubai-based Coal & Oil (C&O) Group is planning to make additional investment of around US$ 1.61 billion to set up 1,600 mega w ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
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