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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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Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
Wednesday, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
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- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
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