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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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Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Planning Commission, India
- PTC India Limited - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
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