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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, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
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- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- The University of Queensland
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
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