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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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Wednesday, 31 July 19
INDIA'S 2019 THERMAL COAL IMPORTS SEEN AT 180-185 MLN T - WOODMAC
India is expected to import 180-185 million tonnes of thermal coal in 2019, said Dale Hazelton, head of thermal coal at consultancy Wood Mackenzie. ...
Wednesday, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
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- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- The University of Queensland
- Parliament of New Zealand
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- PTC India Limited - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- MS Steel International - UAE
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
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