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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, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
Thursday, 26 September 19
INDIA INCREASES ITS ANNUAL COAL PRODUCTION BY 2.7% PER YEAR FROM 850 MILLION SHORT TONS IN 2018 TO 2 BILLION SHORT TONS BY 2050 - EIA
Worldwide coal production holds steady at about 8 billion short tons, or 160 quadrillion British thermal units (Btu), per year through 2040. Inc ...
Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms o ...
Tuesday, 24 September 19
9TH ANNUAL SUPPLY CHAIN INNOVATION SUMMIT 2019 ASIA PACIFIC
Summit: 9th Annual Supply Chain Innovation Summit 2019 Asia Pacific
Host: Ace Events
Website: http: ...
Monday, 23 September 19
SUPRAMAX: THE ASIAN ARENA IT WAS A SLOW START, BUT DEMAND INCREASED AS THE WEEK WENT ON - BALTIC BRIEFING
Capesize
The market trended down over this past week, breaking the market out of its upward trending range. While the market traded sideways at ...
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- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- The University of Queensland
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
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