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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, 12 November 14
PANAMAX: WITNESSED A FAIRLY STABLE MARKET IN THE ATLANTIC
COALspot.com: Despite the fact that the Dry Bulk market noted another weekly increase, clouds of uncertainty returned mid-week onwards, as the mini ...
Wednesday, 12 November 14
SHIPPING MARKET INSIGHT - CHRISTOPHER T. WHITTY
COALspot.com: The fight continues between the low-cost iron ore producers and the big three: Vale, Rio Tinto and BHP Billiton. We are moving into a ...
Tuesday, 11 November 14
FACING CHALLENGES AND MEETING OPPORTUNITIES - INTERNATIONAL EPC CONFERENCE & EXHIBITION
Press Release: SKYCONNECTION and TRANSEVENT, which is fully supported by the Institution of Engineers Indonesia and Ministry of Industry of the Rep ...
Tuesday, 11 November 14
NEWCASTLE COAL SWAP CLOSED AT $ 52.65 FOR Q1' 15 DELIVERY
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery decreased US$ 2.83 (-5.10%) month over month and US$ 1.35 (-2.50%) week ove ...
Tuesday, 11 November 14
PORT OF NEWCASTLE'S OCTOBER COAL SHIPMENTS SLIPPED 7.40% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,115.7 mil ...
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- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
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- The Treasury - Australian Government
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- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
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- Parliament of New Zealand
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- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
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- Maheswari Brothers Coal Limited - India
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- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
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- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
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- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
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- Essar Steel Hazira Ltd - India
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- Rashtriya Ispat Nigam Limited - India
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- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
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- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- The University of Queensland
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
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- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
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