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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, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
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- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- The University of Queensland
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
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