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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, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- The University of Queensland
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
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