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