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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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Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
Sunday, 08 March 15
FREIGHT RATES FROM INDONESIA TO INDIA IS TRENDING UP
COALspot.com: The freight market continued to see gains this week and all the indices were rose except for Cape index. The BDI was increased 4.62 p ...
Friday, 06 March 15
BALTIC DRY INDEX: IS THIS POWERFUL INDICATOR SIGNALING A GLOBAL RECESSION? - STREET AUTHORITY
Although memories of the Great Recession linger, a case can be made that better days lie ahead.
That’s because central banks around the ...
Friday, 06 March 15
U.S. WEEKLY COAL PRODUCTION ROSE 3.5% WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.1 million short tons (mmst) of coal ...
Thursday, 05 March 15
PANAMAX : THE ATLANTIC ROUND IS NOW PAYING AROUND US$ 5K PER DAY
COALspot.com: Handy - The activity in the handy/supra segment is back. “ We see more fresh cargo in the market for 2nd half March dates ...
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- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
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- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
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- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Mercuria Energy - Indonesia
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- Indian Oil Corporation Limited
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- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
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- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
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- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
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- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
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- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
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- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
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- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
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- Power Finance Corporation Ltd., India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
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- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
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- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
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- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
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- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
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