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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, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
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