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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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Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
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- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- PTC India Limited - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
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- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- The University of Queensland
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
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