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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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Monday, 02 January 12
THE PROMISE OF INDIA: A BRIEF INTERRUPTION? - CLARKSONS / HELLENIC SHIPPING
Future growth in Indian seaborne coal imports has sometimes been considered as one of the largest potential upsides in the currently oversupplied dr ...
Sunday, 01 January 12
IS INDIA FOLLOWING INDONESIA TO STANDARDIZE COAL PRICES TO GET MAXIMUM BENEFITS?
COALspot.com - Coal India limited, an Indian state owned and world largest coal producer has introduced gross calorific value (GCV) based pricing me ...
Saturday, 31 December 11
GLOBALCOAL NEWC INDEX SURGED 2.32 PERCENT
COALspot.com - globalCOAL index in Newcastle Port, benchmark for Asian market, ended substantially higher, surged 2.32 percent to US$115.47 per ...
Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbun ...
Friday, 30 December 11
CENTRAL GOVERNMENT SHOULD ISSUE PERMITS - THE JAKARTA POST
The Jakarta Post reported that, business associations from both the palm oil and mining sectors have suggested that the central government should re ...
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- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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