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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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Sunday, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- The University of Queensland
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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