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Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
 Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipping. According to Petrofin, Top 40 shipping banks’ lending has fallen since 2008 by 25%, whilst at the same time the world fleet has grown by 28%. On top of this, out of the banks that have decided to stay in the game, not all of them have the strength, the budget and the competitive terms to do so. As a result, the availability of financing for small-medium size companies has become a scarce, hence a luxury good. In other words, even when there is available financing for these companies, its cost is really prohibitive.
Apart from the banks’ endogenous and structural issues, their shipping departments also need to decide where to allocate their budget. In an era of growing LNG demand, numerous large shipping firms invest in the very capital intensive LNG carriers. Most of the large banks are there to support their very good clients. However, this means that a big percentage of their budget (and resources in general) end up to the LNG carriers’ financing, i.e. not much budget left for the remaining sectors/shipping projects. So, when these banks are left with a limited budget to spend, they become very selective and of course their pricing goes up as the list of the waiting finance projects is significant.
But what about the alternative ways of financing for the small and medium size companies? Asian leasing has indeed filled part of the gap that was created with the traditional banks’ exit, however, again this is available for owners with larger fleets and bigger ticket sizes. Public markets have been quiet regarding shipping in general; bond markets again require significant size. Therefore, the small companies are left with the option of the so called alternative financing. Private equity and hedge funds do have the funds to invest, but this only happens when they get the return of capital that they require; given that this most of the times is a double digit figure, then the capital cost for the small/medium ship owners increases dramatically.
There are quite a few new European banks that have joined ship financing – whose pricing sits in between the one of the traditional banks and that of leasing – however, their current budget is nowhere near to filling the gap that was left after the departure of the big banks.
Therefore, small-medium size shipping companies struggle to find competitive finance terms. Someone may argue that this had always been the case, however, in today’s ship finance market it is evident that the financing of small-medium size shipping companies is not the banks’ first priority, which should not be the case given the performance of such companies during recent years. Indeed, many small-medium size companies have proved their top quality and professionalism by not only surviving the crisis but also by getting back into expansion mode. There are many ship-owning companies falling into this category. Indicatively, only in Greek shipping there are more than 150 companies that own 3-15 bulk carriers, of more than 28,000 dwt and younger than 17 years old. A big percentage of these companies are long standing and solid companies; however, face the above finance issues.
This is the clientele that will provide the bank with projects of good credit quality and at the right pricing and therefore should be the one attracting the attention of ship financiers if they wish to make their business efficient and dynamic again.
By George Laios
Deputy CEO, Intermodal Group
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
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- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
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