…. more education about shipping is key to attract investor appetite in London.
Marine Money returned to London after a long absence to host a wonderful 1st annual conference on 21st January 2010. This was the first of 14 Marine Money conferences for 2010 and we got off to a cracking start. Over 180 delegates and speakers attended with about one third coming from overseas.
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carisk | Categories:
Forums,
Freshly Minted | January 28th, 2010 |
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Marine Money’s flagship conference came to New York this week and if you were a kid you might refer to it as a three- ring circus. With the conference as the centerpiece, the week has become filled not only with the usual owner/banker meetings but formal presentations and the usual bevy of social events. The numbers are astounding with over 1,000 delegates registered this year, exceeding by far all previous years. In fact, as quickly as we printed a copy of the delegate list, we found it to be obsolete.
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Written by:
carisk | Categories:
Conferences,
Freshly Minted | June 19th, 2008 |
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For a Wall Street analyst the annual Wall Street Journal Best on the Street rankings is like an AcademyAward, only worth more, certainlyto those investors who bought basis the winning analysts picks.
This year Scott Burk at JPMorgan, but Bear Stearns when his picks were made (JPM acquired Bear Stearns in a sub-prime fire sale last March) came out number one in the Industrial Transportation classification. Doug Mavrinac of Jefferies & Co came in second and Omar Nokta with Dahlman Rose grabbed the third spot.
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After initiating bullish coverage on DryShips last week, Dahlman Rose & Company has issued a comprehensive report covering the entire dry bulk shipping sector. With dry bulk IPOs lined up at the SEC and owners believing, with conviction, that the boom will continue, a report predicting that the supply/demand balance will remain tight in the sector for the foreseeable future is a welcome one indeed. The Dahlman Rose analysts attribute the strength of the dry bulk market to the strength of the world economy, and they back up their belief in this with sections dedicated to macro economic drivers, the impact of China and an analysis of bulk commodity markets including steel, iron ore, coal and grain.
The analysts further consider the age profile of the global dry bulk fleet, current orderbooks, shipyard capacity and port congestion to come to a forecast for the supply side of the dry bulk shipping equation. The report concludes that commodity demand will continue to increase faster than supply, particularly as the 37% of the world dry bulk fleet over 20 years old is nearing retirement age. As a result, Dahlman Rose expects the supply/demand imbalance that has proven so fortuitous for ship owners and operators to continue at least another three years “barring a global recession or some exogenous system shock.”
The 2nd Annual Marine Money Istanbul Ship Finance Forum, was held on Thursday, 7th April 2005, at the Swissotel – The Bosphorus in Istanbul. The mood was buoyant as the Turkish shipping community continued to enjoy the high shipping market and the boom in shipbuilding activities in the country’s shipyards. Istanbul was also enjoying considerable focus from foreign financiers and shipping service providers as evidenced by over 70 non-Turkish participants in the total number of 250 speakers and delegates.
We would like to thank our anchor sponsor Geden Lines and our prime sponsor Turkon Line as well as our many corporate sponsors for the success of our event this year. Support as always was given by the Turkish Chamber of Shipping and its president Metin Kalkavan.
The day started with a previously unannounced presentation from Michael Drayton, Chairman-elect of the Baltic Exchange to Metin Kalkavan and Erol Yucel of the Turkish Chamber of Shipping, for the many years of close co-operation between the two.
Our presentations started with a review of the world economic outlook by Dr. Christina Stahn of HSH Nordbank. This was followed by a wet and dry market review from Galbraiths. Overall both the economic outlook and the wet market outlook were optimistic. But Dr. Philip Rogers stunned the audience by painting a rather gloomy picture of the dry market over the next 18 months. The supply of new ships will well outstrip the increased demand, he said. Today’s high freight rates will be a distant dream, and shipowners may well see historical lows again in dry bulk. Needless to say, this caused quite a stir, as well as some aggravated discussion in the coffee break that followed.
The international finance community, represented by DVB Bank, HSH Nordbank, GE Capital and Caterpillar Financial Services discussed lending at the top of the market. All cautioned against being too aggressive in this high market, but all also reiterated their commitment to the Turkish market in the year ahead.
After lunch we had three presentations on alternative financing opportunities for Turkish owners. These involved KG Finance, presented by Christian Salamon of Salamon AG, Islamic Finance presented by Bote de Vries of DVB and NFC Shipping Funds and U.S. capital markets by Stefanie Kasselakis of Jefferies & Co. Ms. Kasselakis also discussed market sentiment and, contrary to Galbraiths, painted a fairly rosy picture of the next few years in the dry market with China’s continued growth keeping freight rates healthily high.
After hearing about the importance of class from Gunay Surenkok of DNV, our final session discussed Turkish shipbuilding and its continuing performance riding the boom market. Turkish bank representatives, as well as panelists from a Turkish shipyard and a Greek owner building in Turkey, advised that Turkish shipbuilding is here to stay, with yard orderbooks full through 2007 and beyond. And the Turkish banks are increasingly willing to finance this construction boom; they are also initiating term loans for Turkish shipowners for vessels post-delivery, something which even last year was still consigned to the drawing board.
Metin Kalkavan of the Turkish Chamber of Shipping and Kevin Oates of Marine Money Greece brought the day to an end with reflective closing remarks.
There is no doubt that Turkish shipping is on the radar screen of the international finance community, and Marine Money is intent on continuing to bring that community to Istanbul.
Incidentally, the night before the conference there was also very enjoyable Speaker’s Dinner, which was attended by virtually all of the major players in the Turkish shipowning community. We were privileged also to have the Minister of Transport, Mr. Binali Yildirim, who gave a speech highlighting developments in Turkish shipping and the maritime sector. To note is that Mr. Yildirim is a naval architect by training and was previously a finance director in a major Turkish shipping sector. That alone shows the determination of Turkey to support its maritime industry!!
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carisk | Categories:
Freshly Minted,
The Week in Review | April 14th, 2005 |
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