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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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Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
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- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- CNBM International Corporation - China
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
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