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Friday, 13 February 15
SMALL AND MEDIUM-SIZED SHIP OWNERS SQUEEZED OUT OF THE MARKET ON CRASHING DRY BULK MARKET AND EUROZONE CRISIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 Financing issues have started to tighten the noose in the throats of small and medium-size ship owners, who were already facing problems over the past few years, as more and more traditional banks were exiting the shipping segment. At the present time, the above problems have been aggravated further by a collapsing dry bulk market and an ongoing Euro crisis, said Mr. George Lazaridis, Head of Market Research & Asset Valuations with Allied Shipbroking.
According to Mr. Lazaridis “most of these owners, holders of up to five vessels, have been reduced in number considerably over the past 5 years, pressured by a lack in earnings and tougher conditions and low availability in bank finance since the 2008 onslaught. The problems for this significant group of Greek ship owners have been mentioned over and over again. Most of the traditional banks had already retract-ed much of their lending capacity and on the basis that they would take a more con-servative approach to new loans, most of these lenders chose to focus on a smaller cli-entele of larger more prominent names. What made things even worse was the pilling on of new sources of finance, brought about by the numerous funds which got enticed to enter the market supporting only owners of larger fleets and pushing for them to purchase more modern tonnage as well as newbuilding ordering. Having been left out from this inflow of cash has cost most of the smaller owners dearly, as with the excep-tion of the ones holding cash reserves, the rest were left out of any opportunities to modernise their tonnage during a time were prices reached highly enticing levels. This in turn means that most of these owners have been left with overage units which are put under more pressure in the chartering market”, Lazaridis noted in the shipbroker’s latest weekly report.
He went on to note that “what changed now, is that the current conditions in the dry bulk freight market (a mar-ket where most of these small to medium sized owners are involved in) has been hit hard, squeezing earnings down to a minimal. Under such times, owners which would have liked to be able to refinance their vessels in order to achieve a better position in terms of cash flow, have little choice, while those holding overage units are even pushed towards the difficult decision of selling their only vessel for scrap (noting here that scrap prices have taken a strong tumble recently). At the same time the few which were still able to find some support from the Greek and European banks which were still willing to keep their long relationships with these owners, found themselves under pressure as the current problems tackled in Europe are causing a further cautioning by banks which are afraid of being caught up in further restrictions of available cash as well as losses brought about their exposure in sovereign debt bonds and in general a higher rate of loan defaults. For anyone who has been around for many years in the shipping industry, this is nothing new and during past market collapses there has al-ways been many which have found themselves being pushed out of the market”.
Allied’s analyst added that “this time around though it is vital that we have a continuation of this large group of Greek owners (accounting for over half of Greek shipping companies), as they are the ones which are likely to provide the largest portion of support from shipping to the Greek economy during its time of difficulty, continually providing a stream of earnings into the country through the export of a very competitive service and as such support-ing the countries trade balance. Nevertheless, even with an exit of a number of these owners, it will likely be only a temporary one, as the other end of the cycle usually brings an opposite effect. Greek shipping is going through one of its most testing times and it will show its true worth after managing to make it through the worst crisis seen during the past three decades”, he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 18 March 15
Q2 INDONESIAN COAL SWAP DROP 1.45% M-O-M; GAIN 0.63% W-O-W
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and gained week over week.
The Q2 swap fell US$ 0.70 (1.45%) ...
Tuesday, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
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- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
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