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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, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Australian Coal Association
- White Energy Company Limited
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Aditya Birla Group - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
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