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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, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
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$ 0.2 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- The University of Queensland
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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