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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, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- PTC India Limited - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- VISA Power Limited - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
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