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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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Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
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- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Planning Commission, India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
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