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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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- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
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