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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, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
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- International Coal Ventures Pvt Ltd - India
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- Petron Corporation, Philippines
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- Meralco Power Generation, Philippines
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- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
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- Central Electricity Authority - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
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- Larsen & Toubro Limited - India
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- Deloitte Consulting - India
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- White Energy Company Limited
- The University of Queensland
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- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
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- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
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- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
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- Economic Council, Georgia
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- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
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- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
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- Sindya Power Generating Company Private Ltd
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- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
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- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
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- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
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- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
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