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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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Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
Sunday, 20 November 11
THE FREIGHT MARKETS EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The market continued to move up with all sectors gaining except for handy size.
The BDI was up by 3.26 pct and closed at 1895 poin ...
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- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- VISA Power Limited - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
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