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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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Sunday, 15 February 15
BALTIC DRY INDEX CONTINUALLY DIPPED IN RED
COALspot.com: The Baltic Dry Index continues its decline and fell 5.18 pct to 530 points week on week due to falling commodity prices and declining ...
Saturday, 14 February 15
SHALE GAS AND TIGHT OIL ARE COMMERCIALLY PRODUCED IN JUST FOUR COUNTRIES - EIA
KNOWLEDGE TO ELEVATE
The United States, Canada, China, and Argentina are currently the only four countries in the world that are producing com ...
Friday, 13 February 15
U.S. WEEKLY COAL PRODUCTION SHOWS 10% DECLINE
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.1 million short tons (mmst) of coal ...
Thursday, 12 February 15
CAPESIZE: THE BEST DESCRIPTION FOR THE MARKET IS, FLAT - FEARNRESEARCH
Handy
The handy and supra market is also being affected by the marginal volume of activity in the commodity sales. We see a small upturn in the T ...
Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
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- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- The University of Queensland
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- ASAPP Information Group - India
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