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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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Monday, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Economic Council, Georgia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Australian Coal Association
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
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