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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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Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
Tuesday, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
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- Medco Energi Mining Internasional
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- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
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- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
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- GAC Shipping (India) Pvt Ltd
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- Renaissance Capital - South Africa
- GMR Energy Limited - India
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- Therma Luzon, Inc, Philippines
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- Interocean Group of Companies - India
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- London Commodity Brokers - England
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- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
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- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
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- Edison Trading Spa - Italy
- MS Steel International - UAE
- Thai Mozambique Logistica
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- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
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- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
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- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
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- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
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- Indonesian Coal Mining Association
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- Videocon Industries ltd - India
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- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Planning Commission, India
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- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
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- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
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- Indogreen Group - Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
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- Latin American Coal - Colombia
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- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
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- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
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- Chettinad Cement Corporation Ltd - India
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