We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
|
|
|
Showing 1396 to 1400 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Minerals Council of Australia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
|
| |
| |
|
