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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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Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
Thursday, 20 October 11
CAPESIZE - TUBARAO /QINGDAO BEING FIXED AT STRONG US$ 29.75 PMT
Handy
The Atlantic market is quite steady, and market seems to be around the same levels as last week. Fewer fixtures reported though. ...
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- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
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