We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 21 February 14
INDONESIA PLAN TO CAP COAL OUTPUT AND HIKE ROYALTY; START MUSIC
COALspot.com: Energy and Mineral Resources Ministy of Indonesia is planning to increase the royalty for coal miners particularly for Mining Business ...
Friday, 21 February 14
THE WORLD'S SECOND LARGEST COAL MINER MINED 19.2 MMST OF COAL IN A WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, mined approximately 19.2 million short tons (mmst) of coal in a w ...
Friday, 21 February 14
DRY BULK MARKET SHOWS SIGNS OF LIFE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the c ...
Friday, 21 February 14
INDONESIA COAL OUTPUT CAP TO HURT MINERS RELIANT ON VOLUME GROWTH, FITCH SAYS
Fitch Ratings says that the credit profiles of mining sub-contractors and miners highly reliant on increasing volumes to support high debt servicing w ...
Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the signific ...
|
|
|
Showing 3841 to 3845 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Australian Coal Association
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
|
| |
| |
|
