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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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Thursday, 05 March 15
INDIA WILL BE THE LARGEST DRIVER OF GLOBAL SEABORNE COKING COAL DEMAND GROWTH IN 2015 - WOOD MACKENZIE
Global demand growth will remain weak because of China’s negative demand growth.
COALspot.com: At Coaltrans India, Wood Mackenzie says I ...
Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
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- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- The University of Queensland
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Australian Coal Association
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