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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, 08 December 11
HAREDA KRIDA GETS CONTRACT FROM BAYAN - INSIDER STORIES
Insider Stories reported that, coal miner PT Bayan Resources Tbk (BYAN), through its subsidiary dubbed PT Gunungbayan Pratamacoal (GPB), has signed ...
Thursday, 08 December 11
CAPESIZES LIFT DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize vessels yesterday helped lift the dry bulk market which had been falling since the start of the week on lower cargo demand. As a result the ...
Wednesday, 07 December 11
ABM INVESTAMA EYES RP6.3 TRIO REVENUE - INSIDER STORIES
Insider Stories reported that, an energy integrated company PT ABM Investama Tbk is eyeing a 1.5 folds increase in revenue this year from Rp4. ...
Tuesday, 06 December 11
DRY BULK MARKET ENDS RALLY, STARTS WEEK WITH FALL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a series of increases which saw the dry bulk market’s benchmark, the Baltic Dry Index (BDI) increasing close to 1,900 points and rates o ...
Monday, 05 December 11
THE DECEMBER HBA FELL 11% FROM ITS PEAK AT US$127.05 PER TON IN FEBRUARY 2011
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the December 2011 coal reference price at US$ 112.67 per ton US$ 3.98 ...
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- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Australian Coal Association
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Planning Commission, India
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