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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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- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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