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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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Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
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- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
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