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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, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
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- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Australian Coal Association
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
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