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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, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies tha ...
Tuesday, 21 October 14
LOW DEMAND PUTTING COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost on day, week and month.
The swap has lost US$ 1.57 (-3.04%) month on month ...
Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix ...
Monday, 20 October 14
CFR SOUTH CHINA COAL SWAPS FAILED TO PERFORM POSITIVE
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 3.04 (-4.57%) month over month and US$ 1.75 (-2.68%) week o ...
Sunday, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
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- Coal and Oil Company - UAE
- VISA Power Limited - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
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- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
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- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Deloitte Consulting - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Australian Coal Association
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- White Energy Company Limited
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
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