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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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Monday, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- The University of Queensland
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
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