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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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Sunday, 16 February 14
SUPRAMAX : THE FAR EAST/SE ASIA CHARTER RATES FIRMED UP
COALspot.com: The freight market had a mixed reaction this week with BDI increased by 1.37 pct and closing at 1106 points on Valentine day. The cape ...
Friday, 14 February 14
US COAL PRODUCTION STILL SLIPPING
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.9 million short tons (mmst) of coal in ...
Thursday, 13 February 14
PANAMAX : NOT ENOUGH REQUIREMENTS TO KEEP THE ATLANTIC MARKET FLOATING - FEARNLEYS AS
Handy
After the Chinese holidays the week started on a positive note. Owners are talking higher rates but chrtrs are still somehow reluctant to mov ...
Thursday, 13 February 14
DRY BULK MARKET FACES BETTER PROSPECTS ON THE BACK OF IMPROVING DEMAND AND SUPPLY BALANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has started off the New Year on the "left foot", with the strong finish of 2013 proving to be unsustainable, on the ba ...
Wednesday, 12 February 14
NEW BUILDING ORDERS REACHING NEW POST-CRISIS HEIGHTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are looking to take advantage of the last few attractive deals in the new building market, before prices start climbing to new highs and ...
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- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
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