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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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Thursday, 19 January 12
SOUTHGOBI RESOURCES SELLS MORE THAN FOUR MILLION TONNES OF COAL IN 2011, 58% MORE THAN 2010
COALspot.com - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) has successfully complets year 2011 on guidance in terms of coal sales and production.
...
Thursday, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
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- SMC Global Power, Philippines
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
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