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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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Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
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- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
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