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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, 20 February 15
U.S. PRODUCED AROUND 19.2 MILLION SHORT TONS OF COAL WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.2 million short tons (mmst) of coal ...
Thursday, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
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- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- PTC India Limited - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
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