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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, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
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- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Indian Energy Exchange, India
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- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
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- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
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- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Central Electricity Authority - India
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- Uttam Galva Steels Limited - India
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