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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 $125bn... Whilst the presence of “new” money is duly noted, we all need to realize that the industry must be able to carry its own weight. If that means changing our processes, transparency levels, corporate responsibility standards, etc. in order to bridge this gap and attract a greater share of their attention, then maybe this is a change we should embrace", Dermatis concluded.
Meanwhile, in the dry bulk market this past week, things continued to improve on the back of rates for the smaller size segments holding on to their levels and those for Capes correcting upwards, said Intermodal, while the spill-overs of the improved sentiment have yet to affect the Panamax market. Nevertheless, the BDI ended yesterday on yet another higher note, ending the session at 1,222 points.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 24 March 14
SGX'S Q2'14 CFR SOUTH CHINA COAL SWAP CLOSES SLIGHTLY HIGHER W-O-W
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.81 percent month on month and closed at US$ 74.82 per mt as o ...
Sunday, 23 March 14
THE COAL FREIGHT RATES SEEN SLIGHTLY FIRMING UP THIS WEEK - REDDY
COALspot.com: The freight market firmed up this week. BDI was up 8.26 pct week on week and index was closed at 1599 points. The Cape index was u ...
Saturday, 22 March 14
SHIP OWNERS INVEST $15 BILLION FOR NEWBUILDINGS AND SECONDHAND VESSELS DURING FEBRUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have kept on their aggressive stance in the investment scene both for newbuildings, as well as for secondhand vessels globally durin ...
Friday, 21 March 14
DRY BULK MARKET STAYS ON RECOVERY MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has reached new year heighs, as a result of renewed Capesize demand. The Baltic Dry Index (BDI) ended yesterday's sessio ...
Friday, 21 March 14
US COAL PRODUCTION UP 1.5%; WEST MISSISSIPPI COAL PRODUCTION DOWN 1.85% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
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- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- The University of Queensland
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
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