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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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Tuesday, 04 March 14
AUSTRALIA'S NPC TO SHIP 11.85 MMT OF COAL IN MARCH
COALspot.com: In the week ended 3 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 3.15 m ...
Tuesday, 04 March 14
HIGHER PRICES AND STEADY FREIGHT RATES LEAD SHIP OWNERS TO TEMPORARILY HALT SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P m ...
Monday, 03 March 14
SUB-BIT INDONESIA COAL SWAP (FOB) FOR AVERAGE Q115 CLOSED AT $60.28, $ 1.70 HIGHER THAN 2Q14
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slightly corrected do ...
Monday, 03 March 14
API 8 CFR SOUTH CHINA SWAPS: Q4' 2014 DELIVERY CLOSED US$ 1.40 HIGHER COMPARED TO Q2' 2014 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.90 percent month on month and closed at US$ 76.27 per mt as on Fr ...
Monday, 03 March 14
COSTS LIABILITY PASSING DOWN A CHARTERPARTY CHAIN - SKULD
KNOWLEDGE TO ELEVATE
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred shoul ...
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- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- The University of Queensland
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
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