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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, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Australian Coal Association
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- White Energy Company Limited
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
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