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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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Thursday, 10 July 14
SGX EXPANDS ACROSS THE BULKS WITH NEW COAL PRODUCTS
COALspot.com: Singapore Exchange (SGX) is expanding its bulk commodity derivatives offering by launching new coking and thermal coal products on 4 ...
Thursday, 10 July 14
HANDY: SMALL INCREASE; PANAMAX: POSITIVE TONE; CAPESIZE: PAPER VALUES REMAIN WEEK
Handy
It is a general increase in activity in both hemispheres whereas rates have just experienced a small increase. In the Feast we see stable a ...
Wednesday, 09 July 14
SHIP INVESTMENTS ARE TRENDING LOWER
Most ship owners are deeming current ship prices on the high side, refraining from making serious commitments in new acquisitions or newbuilding or ...
Wednesday, 09 July 14
INDIAN GOVERNMENT ADVISED POWER UTILITIES TO INCREASE COAL IMPORTS
COALspot.com: The government of India has advised power utilities to increase coal imports to meet fuel shortages and those that have fuel supply p ...
Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
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- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Marubeni Corporation - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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