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Thursday, 27 February 14
SHIPPING LOANS WORTH $5 BILLION HAVE CHANGED HANDS OVER THE PAST YEAR, AS FUNDS INVEST IN SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and hedge funds have all emerged as newcomers to the shipping financing segment, often assuming the role of traditional shipping banks, which have exited the market, or cut their exposure. According to the latest weekly report from shipbroker Intermodal, the vast majority of those funds have been consumed in buying up shipping loans. "About $5 billion in shipping loans have changed hands in the past year and demand is driving loan prices to levels almost in line with book values", said the shipbroker.
According to an analysis by Intermodal's SnP broker George Dermatis, these funds "do not hesitate taking over entire fleets and even align themselves with several managers in an insatiable escapade to take over debts and even ships/assets on their balance sheets. Funds tolerate systemic risk much more than traditional banks that are massively exiting or reducing their exposure in the sector. So one could argue that one player is filling up the void the other creates. Therein lays the paradox" he noted.
Dermatis said that "the characteristics of traditional banks are undoubtedly much more to the liking of traditional shipowners; no exit strategy other than full debt repayment, name lending based on interpersonal relationships, which in some cases dates back decades, experience over several shipping cycles and the list goes on. The industry perceives this as an overall alignment of interests. Private Equity funds stand more or less at the other side of the road on all of these points and that creates nervousness to most being afraid of how fast these investors can climb the learning curve or lose their interest in the process".
According to the broker, "the truth is that shipping largely remains in the hands of its professionals, who live and breathe the essence of this sector and who -to a large extent- have assigned a negative connotation to the publicity that funds along with capital markets and OTC offerings gather. So, despite the fact that financing from these sources has in many times arrived when no other source of funding was available, the truth is that our industry still views them with skepticism. My personal feeling is that people spend too much time “loving or hating” a way of financing whose significance has been grossly overestimated - at least for the time being", Dermatis mentioned.
He went on to add that "despite the fact that numbers -especially last year's- are indeed impressive, it seems that equity funds do not contribute more than $6-7bn on average per year, which seems like a drop in the ocean when compared to conventional debt financing by banks which continues to provide around $250bn annually according to Marine Money. During the peak times of 2008, these figures stood close to $500bn (!!!) and this should therefore be sufficient to hush down fears that private equity alone could lead to a bubble or that it could even distort market reality... The main worry linked to overcapacity remains and the finance gap on newbuilding orders persists if not broadens. The latest available data speaks of figures of over $125bn... Whilst the presence of “new” money is duly noted, we all need to realize that the industry must be able to carry its own weight. If that means changing our processes, transparency levels, corporate responsibility standards, etc. in order to bridge this gap and attract a greater share of their attention, then maybe this is a change we should embrace", Dermatis concluded.
Meanwhile, in the dry bulk market this past week, things continued to improve on the back of rates for the smaller size segments holding on to their levels and those for Capes correcting upwards, said Intermodal, while the spill-overs of the improved sentiment have yet to affect the Panamax market. Nevertheless, the BDI ended yesterday on yet another higher note, ending the session at 1,222 points.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 02 April 14
CHINA: ARBITRATION CLAUSES IN BILLS OF LADING UNDER CHINESE LEGAL PRACTICE - SKULD
KNOWLEDGE TO ELEVATE
Successful incorporation of a charterparty arbitration clause into the bills of lading is not a straight forward matte ...
Wednesday, 02 April 14
BPI BREAKING BELOW THE 1,000 PSYCHOLOGICAL LEVELS - INTERMODAL
Any resistance put forth by the Dry Bulk market the week prior was succumbed this time round. All indices slid and losses were noted across the ...
Tuesday, 01 April 14
NEWCASTLE PORT SHIPPED 11.95 MILLION TONS OF COAL IN MARCH 2014
COALspot.com: In the week ended 31 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 31 March 14
SHIPPING CONFIDENCE HITS HIGHEST LEVEL SINCE 2008 - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, ...
Monday, 31 March 14
COAL SWAP FOR Q1 2015 DELIVERY HAS CLOSED 4.76% HIGHER COMPARED Q2 14 CLOSING
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
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- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
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