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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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Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
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- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- The University of Queensland
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
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