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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, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
Monday, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
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- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
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