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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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Wednesday, 16 November 11
A STRONG WEEK FOR THE CAPES - BRS
A sharp bounce by the Cape market pushed the BDI up by 3% last week. This was despite a softening in the other indices with the Panamax, Supramax an ...
Monday, 14 November 11
BORL SEEKS 660K MT OF LOW SULPHUR COAL
COALspot.com - BORL India has issued a tender for around 660,000 MT of 4500 - 5500 kcal/kg sub-bituminous Coal.
Bharat Oman Refineries Ltd ...
Sunday, 13 November 11
BUNKER PRICES REMAINED FIRM
COALspot.com - The market seemed to recover this week with the BDI and Cape Index up.
The BDI was up by only about 2.86 pct closing at 1835 point ...
Saturday, 12 November 11
COALINDO ENERGY LAUNCHED INDEX FOR 3400 GAR COAL
COALspot.com - PT Coalindo Energy, in cooperation with Argus Media Limited, launched the coal index for low-rank coal with a calorific value of 3,40 ...
Saturday, 12 November 11
BBJ WILL RELEASE A COAL CONTRACT
Jakarta Futures Exchange will soon release a coal futures contracts during the quarter 1 / 2012.
Director of the Jakarta Futures Exchange (BBJ) S ...
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- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- The University of Queensland
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
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