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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, 26 March 14
NEWBUILDING ORDERING ACTIVITY PICKS UP PACE ON IMPROVING DRY BULK MARKET CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The gradual improvement of the dry bulk market, as expected for some time now, is urging shipowners to increase their newbuilding ordering activ ...
Wednesday, 26 March 14
LARGE AMOUNT OF VESSELS CHARTERED TO HAUL IRON ORE CARGOES TO CHINESE BUYERS THIS WEEK - COMMODORE RESEARCH & CONSULTANCY
COALspot.com: Through the first three days of this week, 18 dry bulk vessels have been chartered to haul spot iron ore cargoes to Chinese buyers ...
Wednesday, 26 March 14
JOIN IN THE CLEAN COAL CASE STUDY WITH SINOPEC!
Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite Experts ...
Tuesday, 25 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR Q2 DELIVERY CLOSED $ 57.40 PMT W/E 21 MARCH 2014
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Tuesday, 25 March 14
NEWCASTLE COAL EXPORTS JUMP 29.16% TO 2.79 MMT WEEK ON WEEK
COALspot.com: In the week ended 24 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2.79 ...
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- Ministry of Transport, Egypt
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- Mintek Dendrill Indonesia
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- McConnell Dowell - Australia
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- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
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- Bharathi Cement Corporation - India
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- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
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- The State Trading Corporation of India Ltd
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- Ceylon Electricity Board - Sri Lanka
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- Indogreen Group - Indonesia
- The University of Queensland
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- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
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- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
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- Attock Cement Pakistan Limited
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- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
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- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
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- Heidelberg Cement - Germany
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- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
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- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
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- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
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- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
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- Toyota Tsusho Corporation, Japan
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- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
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