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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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Thursday, 27 February 14
NEWCASTLE COAL EXPORTS SLIP 26.68 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 24 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2. ...
Wednesday, 26 February 14
SMALLER SIZE SEGMENTS HOLDING ON TO THEIR LEVELS; CAPES CORRECTING UPWARDS - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
The Dry Bulk market continued to improve this past week, on the back of rates for the smaller size s ...
Tuesday, 25 February 14
GBCE, A COAL UPGRADING TECHNOLOGY DEVELOPER, APPOINTS RICHARD BULMAN AS PROJECT DIRECTOR
Press Release: GB Clean Energy Ltd. (GBCE) announced today the appointment of Richard Bulman as Project Director. In this capacity Mr. Bulman ...
Tuesday, 25 February 14
ULTRAMAXES ARE THE 'WEAPON OF CHOICE' FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a busy start in 2014, as the first month of the year was a rather active in terms of second hand vessel purchases and newbuilding orderin ...
Tuesday, 25 February 14
SGX'S MONTHLY VOLUMES DRASTICALLY INCREASED AND REACHED A RECORD OF 810K TONNES YEAR-ON-YEAR
COALspot.com: SGX Thermal Coal derivatives started the new year with record volumes in January on the back of higher volatility, says SGX.
Accord ...
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- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- PTC India Limited - India
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
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