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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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Thursday, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
Wednesday, 17 September 14
SHIPPING MARKET INSIGHT - GEORGE LAZARIDIS
Since the onslaught of 2013 the rising tide of asset prices had been primarily driven by the increasing freight market conditions and the improving ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
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