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Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would be the case, i.e. ordering more ships than the market needed to cater to demand. As a result, returns have plummeted, leaving many funds looking for a way out, most notably the dry bulk market, as tanker owners are still protected from the downturn. In its latest report, Gibson noted that “undoubtedly 2015 was a memorable year. For some a year to forget for tankers a year to enjoy. Whilst the misery has continued for many, tankers are still generating healthy returns a cross most sectors, in part aided by cheap bunker prices. However, sentiment, particularly in the tanker time charter market has certainly taken a hit as of late as the global economic outlook becomes increasingly bearish”.
According to Gibson’s analysis, global stock markets have witnessed a terrible start with the China led malaise wiping billions off investments across the globe, unsettling the nerves of many investors, which perhaps explains the loss of appetite for long term commitments. It may be the view of some wealth managers mantra that the economy remains on track but it is difficult for many to stay calm when your investments have dropped in value by 15 to 20 per cent since April 2015. Furthermore after the initial boost of low oil prices, much concern is now focused on the health of the major producers who have expensed vast sums of foreign cash reserves in the face of falling oil prices”.
The shipbroker also noted that “back in August 2014, we highlighted the growing role of private equity in the shipping sector as the involvement of major banks gradually faded from its peak in 2007. We speculated that at least $7 billion would come from this sector in 2014 which was still a drop in the ocean in their overall portfolios. Wilbur Ross estimated that private equity pumped $16 billion into shipping between 2008 and 2013 – two and a half times the amount generated through initial public offerings”.
Meanwhile, “whilst the tanker sector has so far escaped the horrors of dry cargo, there is no longer the hunger of investors to continue their involvement with shipping, as the overall performance of these investments has not fulfilled expectations and they are looking for a swift exit. We argued back in 2014 that the activity was being driven by “other people’s money “ without sufficient restraints which can result in over ordering and this has certainly been a factor. As a result of that activity, several larger private equity groups that invested in shipping in the past, have decided to cut their losses and sell. Investment funds and banks do not want to be shipowners, trying to sell off unwanted assets where the buyers have the upper hand”, Gibson said.
It went on to note “whilst many traditional shipping banks continue to wind down their shipping portfolios, other banks have signalled an intention to increase their presence in the sector with China’s CMB Financial Leasing looking to increase shipping and aviation from 12% of its existing book to 25-40%. This points towards conventional banks playing more of a role once again in ship finance, yet it may not be the traditional European banks fulfilling this role”.
Gibson said though, that “there is a great deal of pain at the moment but this will be seen by some shipowners in a positive light going forward, where realistic ship ping constraints return t o investment decisions, preventing the mass ordering of unwanted new buildings that we have seen from some of the recently funded players from private equity. There is no question that this scenario will put an enormous strain on shipyards who will need to be able to offer financing such as we have seen from Chinese banks and the Export credit agencies in other Asian shipbuilding nations. However their biggest problem is that the market has more than enough ships to meet demand and shipbuilders are struggling to fill their forward slots. This sort of market brings the cash buyer to the fore and there are clear signs that they are focusing in on the opportunities that are being presented. In the dry sector as prices plummet, the traditional second hand cash buyers are becoming increasingly visible. For now tanker owners remain very much protected by the continued healthy state of the market, but we should take nothing for granted as we will encounter more challenges as we progress through 2016”, the shipbroker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
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