VFB #107 - 我国扩大世界船贷业务 2010.10.15

2010-10-17 16:46  浏览次数 36

我国扩大世界船贷业务      

2010.10.15

一:头条新闻 (Headline news)

贸易风周刊106

1. Milestone as China funds Greek orders

The deals signed this week in the presence of Chinese premier Wen Jiabao in Athens by Chinese banks to finance Greek newbuildings have rightly been hailed as a landmark.

They mark the rapid maturing of the Chinese ship-finance market, which over the past year had come to be seen by some as the last hope to find liquidity in a global market strangled by the banking crash in 2008.

Chinese banks still only have a relatively small slice of the global ship-finance market and make few dollar-denominated loans since most of their reserves are in renminbi.

But since they now account for several of the world’s largest financial institutions by market capitalisation, their position in ship finance is only likely to grow stronger.

However, we shouldn’t get too carried away.

At present, Chinese banks appear to be only financing ships built domestically through export credit finance.

Wen’s blessing of the deals can be seen as an extension of his industrial and social policies to keep thousands of yard workers employed, rather than thrown out onto the streets, as may have happened if previously agreed newbuilding contracts had been ripped up.

And so far, the total volume of deals done remains small. A $5bn Chinese shipbuilding fund for Greek owners has been proposed, alongside other specific order loans.

That is still only a very small portion of the $400bn required to finance the remainder of the orderbook and quite where the bulk of that is coming from is a riddle yet to be solved.

2. Agreements between China and Greece threaten the lead of South Korean builders

The announcement by Chinese prime minister Wen Jiabao of a $5bn fund to support Greek shipbuilding projects at Chinese shipyards and the signing of a series of landmark ship-finance deals during his recent visit to Athens may come as a wake-up call to South Korean rivals.

For many years, Korean yards have held the lead in shipbuilding for Greek companies, especially in dwt terms, but now established Chinese facilities have plunged into larger tonnage and with the backing of the state banking system look set to attract an increasing number of orders.

Over the past 10 years, according to newbuilding experts, Greek owners have booked some 585 ships in China worth $25bn, while presently 265 vessels of $10.4bn are said to be under construction.

Comparable figures for Korean yards are not immediately available but at the end of 2009, Greek broker George Moundreas & Co estimated there were 624 outstanding newbuilding orders for Greeks totalling some 58 million dwt.

During the first state visit of a Chinese premier to Greece in 24 years, Wen and Greek prime minister George Papandreou were present at the signing of a series of agreements including three with leading shipowners.

The Angelicoussis group and Diana Shipping became the first two Greek shipping clients of the Export-Import Bank of China (China Eximbank).

With DnB NOR as facility agent and trustee, a loan for $111m was signed in connection with the construction of three mini-capesize bulkers at Shanghai Shipyard for Angelicoussis. A second loan of $82.6m was inked to finance two 206,000-dwt bulkers for Diana, with China Eximbank holding a majority interest and DnB NOR acting as agent.

President and chairman of China Eximbank Li Rougu represented the lender, while David Grant, head of shipping at DnB NOR’s London outpost, and Christos Tsakonas, head of the bank’s Greek representative office, represented the Norwegian end.

Angelicoussis has a series of six 114,500-dwt bulkers on order at Shanghai Shipyard. The first is due for delivery this year, three in 2011 and the remaining pair in 2012. The loan is in connection with the three ships slated for next year.

The Greek group booked the vessels in 2007 and was said at the time to be paying $58m apiece.

The two Newcastle-max bulkers booked by Diana were inked in April this year at Shanghai Jiangnan-Changxing Shipbuilding for $59m each. They are due for delivery in 2012.

Meanwhile, George Economou of Cardiff Marine also penned a finance deal with China Development Bank, believed to be the first funding of a Greek newbuilding not involving a foreign bank.

The $74.2m loan represented close to 70% of the $107m contract price for a 296,400-dwt VLCC under construction at Shanghai Jiangnan-Changxing for delivery in 2011.

Economou also signed a framework co-operation agreement with the China Classification Society (CCS) and it is understood that the VLCC will have dual CCS and American Bureau of Shipping (ABS) class.

Adviser on both of these agreements was George Xiradakis of XRTC Business Consultants, who also serves as a board member of Economou’s Nasdaq-listed DryShips.

In June, a series of 14 agreements were signed between Greek and Chinese private and state organisations during a visit by Chinese vice-premier Zhang Dejiang, including shipbuilding orders by George Procopiou of Dynacom, Economou’s Cardiff Marine and Gleamray Maritime and Theodore Veniamis of Golden Union.

Blue-chip names and leading Greek owners have enthusiastically turned to the Chinese yards. In addition to the six 114,500-dwt bulkers at Shanghai Shipyard, Angelicoussis has three 206,000-dwt bulkers and a 319,000-dwt tanker on order at Shanghai Waigaoqiao Shipyard (SWS).

Procopiou has spent in excess of $2.5bn on newbuildings in China since 2005.

Chinese interest in Greece extend beyond pure shipbuilding deals. In 2009, Cosco Pacific Ltd won the concession to run container operations at Pier II of Piraeus port and to build and run Pier III.

Cosco has also expressed interest in partnering the Piraeus Port Authority in a major logistics and transhipment hub outside the capital.

二:Daily Summary of Baltic Exchange Dry Indices 2010.10.15

Baltic Exchange
Dry              Index      BDI     2762 (down   7)
Baltic Exchange
Capesize    Index      BCI     4345 (up       44)
Baltic Exchange
Panamax    Index      BPI     2254 (down  48)
Baltic Exchange
Supramax  Index      BSI     1858 (down   23)
Baltic Exchange
Handysize  Index      BHSI    994-(down   12)

 

1015日船用燃油价格(每吨/usd)

来源: Bunkerworld

                                IFO 380           __IFO 180              MDO           MGO   

新加坡                       462                     472                     685            695

鹿特丹                       459                     478                     -----             725

            休士顿                        463                     454                     725             -----

***************************************************************************************************************************         

备注:        tbn         = to be named                       ldt          = light d/weight ton

usd        = u.s.dollar                           mtpa        = million ton per annum              

cbm       =cubic meter                           tpa        =million metric ton per annum

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