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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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Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
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- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Australian Coal Association
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Parliament of New Zealand
- MS Steel International - UAE
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
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