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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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Tuesday, 16 September 14
INDONESIAN GOVERNMENT DECLARED HBA SUFFERED ANOTHER SETBACK IN SEPTEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in September. HBA for ...
Tuesday, 16 September 14
INDONESIAN COAL OUTPUT WON'T EXCEED 421M TONS: GOVT - JP
The government is optimistic that it will meet its coal production target for this year, which caps nationwide production at a flat number compared ...
Monday, 15 September 14
CHINA'S COAL PROPOSALS LEAVE SOME HOPE FOR EXPORTERS - DAILY NEWS
When the best thing you can say about new policies is that they aren’t as bad as they could have been, then you know your industry is in deep ...
Monday, 15 September 14
SUB-BIT FOB INDONESIA COAL SWAP, JANUARY 2015 DELIVERY GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.40 (+0.78%) day on day and US$ 0.55 (+1.08%) per mt week on week. The ...
Monday, 15 September 14
CFR SOUTH CHINA COAL SWAP GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 2.30 (-3.36%) month over month, but increased day on day a ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
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