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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, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
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