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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, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
Monday, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- PTC India Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Planning Commission, India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Indian Energy Exchange, India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
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