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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, 24 February 15
IHS ENERGY COAL CONFERENCE OF THE AMERICAS
Attend the IHS Energy Coal Conference of the Americas 17-19 March in Cartagena, Colombia and learn about timely concerns in today's coal indust ...
Monday, 23 February 15
Q2' CFR SOUTH CHINA COAL SWAP FOR Q2 ROSE 3.39% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.90 (+3.39%) per MT month over month and declined US$ 0.08 ...
Monday, 23 February 15
Q2' API 5 FOB NEWCASTLE COAL SWAP CLOSED $1 HIGHER THAN Q3
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.12 per MT (+6.44%) month over month and fall US$ 0.43 (-0.83%) w ...
Sunday, 22 February 15
THE BALTIC DRY INDEX LOST ALMOST 3.2% OR 17 POINTS WEEK ON WEEK
COALspot.com: The Baltic Dry Index, one of the economic indicators that monitors the health of the world's economy by tracking the price of shi ...
Friday, 20 February 15
GOVT SET TO INCREASE COAL OUTPUT TARGET THIS YEAR - JAKARTA POST
The Energy and Mineral Resources Ministry is planning to increase its coal output target this year as the government seeks to offset the ongoing de ...
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- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
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- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
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