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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, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
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- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
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