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普氏能源:航运业恐受贷款利率上涨影响

作者: 发布时间:2018-05-20 浏览量:445

普氏能源:航运业恐受贷款利率上涨影响
图片来自网络,版权属于原作者

来源:American Shipper 2018-05-18
翻译:国际海事信息网 姜文杰 王雅媛 张运鸿
 
       一位普氏能源资讯公司(S&P Global Platts)的分析师提醒读者,利率上涨会对航运业造成一定影响。
 
       普氏海洋情报中心的一位海事分析师黄建荣(Jianrong Wong)在公司博客“The Barrel”上发表了一篇文章。他指出,船舶贷款的定价通常高于基准利率——伦敦银行间同业拆借利率(以下简称LIBOR)。LIBOR在4月份达到了2.3%,为2008年11月以来的最高水平。

       他表示:“随着LIBOR上升,航运业资产负债表、现金流和收益方面的压力也随之增加。由于利率在历史水平上仍处于相对较低的水平,进一步加息的情况很可能发生,这无疑将对已经负债累累的公司,尤其是航运等资本密集型行业,造成更多压力。”

       黄建荣还指出:“近年来,航运公司已经积累了越来越多的债务用于新船只的购买和公司的并购。该行业上市公司中,有大量公司的信用被评为垃圾级。根据2018年2月的普氏公司对17家船运公司的评级,其中15家公司的信用级别被归为投机级。值得注意的是,这些公司的杠杆率评分都很低,这其实就是造成最终评级结果的原因。”

       黄建荣引用的2月13日普氏能源资讯报告中指出“全球航运业正在复苏”,这意味着在2018年,航运业三大分支(干散货、油轮和集装箱)的需求量近年来将首次超过供应量。
 
(本文版权归国际海事信息网所有,转载请注明出处。)
 
Platts: Rising interest rates a concern for shipping

An analyst at S&P Global Platts is cautioning his readers about the impact rising interest rates may have on the shipping industry.

Jianrong Wong, a maritime analyst at Platts Ocean Intelligence, wrote on the company’s blog The Barrel that vessel loans are typically priced at a premium over the benchmark London Interbank Offered Rate or LIBOR, which reached 2.3 percent in April, its highest level since November 2008.

“As LIBOR increases, stresses on shipping industry balance sheets, cash flows and earnings also rise. With rates still at relatively low levels in historic terms, further increases are likely, and for a highly capital-intensive sector like shipping, this will undoubtedly weigh heavily on already debt-laden companies,” he said.

“Shipping companies have accumulated more debt in recent years to fund a strong appetite for newbuild vessels, as well as mergers and acquisitions,” Wong said. “Among the publicly listed companies in the sector, there are a substantial proportion of junk-rated entities. Fifteen of 17 shipping firms have been given a speculative grade by S&P Global Ratings as of February 2018. Notably, these companies all have particularly weak leverage factor scores, which contribute a substantial proportion of the final rating.”

The February 13 S&P Global report cited by Wong said "global shipping is on course for recovery," noting that it believed that in 2018, demand in the three main segments of the global shipping industry (dry bulk, tankers, and containers) will outstrip supply for the first time in several years.

来源:simic