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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, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
Wednesday, 07 January 15
FUEL EFFICIENT SHIPS MAKE LESS SENSE IN LOWER BUNKER PRICE MARKET, BUT FUEL COSTS ARE BOUND TO RISE AGAIN
The shipping industry entered 2015 on mixed emotions, as a relatively buoyant tanker market is met by a rather lackluster dry bulk market. Still, a ...
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- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
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