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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, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
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- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
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