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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, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
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- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Planning Commission, India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
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