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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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Wednesday, 03 September 14
CFR S.CHINA COAL SWAP FOR JAN 2015 DELIVERY CLOSED AT $ 68.30 PMT; DOWN 2.43% W-O-W
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.95 (-1.39%) day on day and US$ 1.40 (-2.03%) week on wee ...
Tuesday, 02 September 14
BERAU COAL HAS AWARDED A CONTRACT EXTENSION TO BUMA FOR 647 MLN BCM OVERBURDEN REMOVAL
COALspot.com: PT Delta Dunia Makmur Tbk (“DOID”) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama (&l ...
Monday, 01 September 14
GLOBALCOAL WELCOMES TWO NEW MARKET MEMBERS
COALspot.com: globalCOAL® announced today that two Market Members have joined its trading community. Both new Market Members are from the India ...
Sunday, 31 August 14
COAL FREIGHT RATES INTO INDIA FROM INDONESIA FIRM
COALspot.com: The freight market continued to firm this week. BDI up 5.42 percent week ended 29 August and closed at 1147 points while the Ca ...
Saturday, 30 August 14
INDIAN GOVERNMENT SHOULD TAKE NOTICE: THERMAL COAL IMPORT PRICES EXTREMELY LOW - COMMODORE RESEARCH
COALspot.com: Both Indonesian and Australian thermal coal prices are at the lowest levels seen this decade, with Indonesia's monthly benchmark ...
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- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
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