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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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Tuesday, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
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- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Deloitte Consulting - India
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