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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, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- The University of Queensland
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
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