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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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Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
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- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
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