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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, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
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- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- The University of Queensland
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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