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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, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Planning Commission, India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
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