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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, 06 August 14
SHIPPING MARKET INSIGHT - EVA TZIMA
Recent reports that Indonesia’s ban on exports of metal ore concentrates was lifted for the first time in six months for two of its biggest m ...
Wednesday, 06 August 14
SGX SUCCESSFULLY LAUNCHED NEW SGX COAL PRODUCTS
COALspot.com: Singapore Exchange (‘SGX’) has announced that, the exchange has successfully launched its new Coking and Thermal Coal pro ...
Monday, 04 August 14
ANNUAL SECOND HALF SURGE IN BRAZILIAN IRON ORE EXPORTS ABOUT TO BEGIN - JEFFREY LANDSBERG
COALspot.com: Great strength in the capesize market has all along been set to occur during the second half of this year, as that is when Brazilian ...
Monday, 04 August 14
SUB-BIT FOB INDONESIA COAL SWAP INCHES UP DESPITE LOW DEMAND
COALspot.com: Indonesian coal swaps for average Q4’ 2014 increased US$ 0.15 day on day and US$ 0.13 per mt week on week. But, the swap was lo ...
Monday, 04 August 14
Q1' 15 API 8 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 69.37 ON 1 AUGUST 2014; A $ 1.10 HIGHER COMPARED TO Q4' 2014 CLOSING
COALspot.com: Coal swap prices are showing a positive move upward this past week. API 8 CFR South China Coal swap for Q4, Q1 and Q2 2015 show ...
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- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
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