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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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Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
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Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
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Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
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- Billiton Holdings Pty Ltd - Australia
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- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
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- Romanian Commodities Exchange
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- Larsen & Toubro Limited - India
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- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
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- Price Waterhouse Coopers - Russia
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- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
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- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
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- IHS Mccloskey Coal Group - USA
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- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
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- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
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- Mercator Lines Limited - India
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- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
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- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
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- The State Trading Corporation of India Ltd
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- Commonwealth Bank - Australia
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- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- Indonesian Coal Mining Association
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