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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, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
Monday, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
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- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
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- Latin American Coal - Colombia
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- Rashtriya Ispat Nigam Limited - India
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- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
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- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Antam Resourcindo - Indonesia
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- India Bulls Power Limited - India
- Petron Corporation, Philippines
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- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
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- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
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- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
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- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- The University of Queensland
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
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