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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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Wednesday, 04 February 15
MARKET INSIGHT - LINOS KOGEVINAS
It has been just about over 2 months since, in a move that surprised many and caused widespread apprehension, OPEC decided to maintain its producti ...
Tuesday, 03 February 15
Q1'15 FOB INDONESIA COAL SWAP CLOSED $ 3.29 HIGHER COMPARED TO Q4'15 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 rose week over week and month on month.
The Q1 swap up US$ 0.68 (+1.41%) month o ...
Tuesday, 03 February 15
FOB NEWCASTLE COAL SWAP FOR Q4 DELIVERY CLOSED 5.86% LOWER THAN Q1 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery rose US$ 0.26 per MT (+0.51%) week over week and declined US$ 0.02 (-0.04%) ...
Monday, 02 February 15
API 4 FOB RICHARDS BAY COAL SWAP ROSE WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has decli ...
Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
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- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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