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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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Tuesday, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
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 fell ...
Monday, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
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- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- White Energy Company Limited
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
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