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Friday, 16 December 11
DRY BULK MARKET LOSES TRACK ON CAPESIZE LOSSES, SHIP FINANCING REMAINS TROUBLESOME - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market didn’t manage to sustain earlier gains, losing track yesterday, on reduced Capesize demand and persisting troubles in smaller ship sizes, with the bright exception of Panamaxes, which have been steadily recovering this week from earlier losses. As a result the industry’s benchmark, the Baltic Dry Index (BDI) was down by 1.2% to 1,889 points, with Capesize leading the losses. The BCI (Baltic Capesize Index) was down by 2,22% to 3,571 points, while both Supramaxes and Handysizes were also on the negative track, losing 0.5% and 0.6% respectively.
In a report this week from shipbrokers Intermodal, the issue of ship financing was the main focus. According to the shipbroker, troubles remain in the sector and have seemingly deteriorated further as news continues to surface with regard to financially troubled ship owners and ship finance houses. An increasing number of listed shipping companies have been filing for Chapter 11, many are ugently looking to restructure their debt and secure their financial position, while others are resorting to cancelling new building orders, because of their inability to follow through with them.
Intermodal’s George Lazaridis said that “since Since the start of the crisis, financing has been limited for shipping companies as most western markets are strapped for cash. Many German owners have already felt the deteriorating conditions as their traditional source of financing, the KG market, has been dried up and is unlikely any time soon to witness similar funding volumes compared to those in the past. In the rest of Europe, banks are lacking lending capability and due to the heavy regulations and stress tests they are subjected to, have been trying to restructure most of their portfolios and are not in their current state ready to extend to much new business and new clients.
With the European debt crisis looking to continue while at the same time fundamentals point to a poorly performing freight market in 2012, it is expected that we will see financing problems carry on for shipowners. They will have to find novel ways to manage their cash flows and ride out the storm. On the other hand, all this turmoil has surfaced and will continue to provide perfect investment opportunities for cash rich shipowners. Secondhand prices have dropped considerably for both tankers and bulkers this year, while current earnings, although at low levels, are ample enough to cover in most cases OPEX costs and fairly inexpensive CAPEX costs. What’s more is that buying at current levels means that you have secured shipping assets at fairly close to their rock bottom levels and as long as you can operate them and maintain them long enough there is opportunity for considerable gains to be made once the tide turns. After all, shipping is a long term investment and is accustomed to market cycles just like any other market” said Mr. Lazaridis.
He went to state that with all that in mind and considering the fact that there are few investment options out there beyond shipping, that can secure a highly enticing return; “shipping assets remain a comparably good and sound investment option. One only has to look at the US and European stock markets these past months to confirm this. Going back a couple of years and you would find your stockbroker advising you that the safest bet in the stockmarket is shares in large financial organisations; claiming guaranteed return and ever increasing prices. It is not the opinion of this writer that shipping assets are a safer bet, but to “shipping people” it is an investment decision they know and understand much better. That on its own makes for much better risk management.
It is no surprise therefore that we see the same nationalities holding the top position for shipping investments. Greeks continue to lead the SnP market and are likely to close the year with an investment of over $ 4.5bn in secondhand vessels, while Chinese are close second though with a considerably lower total investment sum. What drives the point home is that this was done in the back drop of a major Greek sovereign debt crisis which has been unfolding since early 2010” concluded Lazaridis.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 02 November 11
MMTC TO BUY 3.73 MILLION TONS OF COAL FOR 2011- 2013
COALspot.com - India’s state-owned coal and mineral trader MMTC looking for 3.73 million tons of power plant coal for the period 2011 - 2012/ ...
Wednesday, 02 November 11
PANAMAX MARKET BECAME QUIETER AFTER THE RECENT RECOVERY - BRS
There were substantial losses across the board this week: the BDI lost 6.3% to end at 2,018 and the BCI 8.2% to end 3,274. In the smaller sizes the ...
Tuesday, 01 November 11
BORNEO LUMBUNG BUYS 23.8% INTEREST IN BUMI
COALspot.com - PT. Borneo Lumbung Energi (BORN), an Indonesian coking coal producer announces that it has signed a sale and purchase agreement, cond ...
Tuesday, 01 November 11
BAKRIE FORMS STRATEGIC PARTNERSHIP WITH BORNEO - REDUCING DEBT BY USD 1 BILLION
Press Release - Enhancing the standing of “Indonesia Inc.” at the London Stock Exchange PT Bakrie & Brothers Tbk (“BNBR” ...
Tuesday, 01 November 11
ATLAS RESOURCES SETS IPO AT RP1,500 - INSIDER STORIES
Insider Stories reported that, coal miner PT Atlas Resources Tbk has set its initial public offering (IPO) at Rp1,500 (approximately US$ 0.169) per ...
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- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
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