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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, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
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- Minerals Council of Australia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
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