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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, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
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- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
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