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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, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
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- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- VISA Power Limited - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
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