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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, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
Wednesday, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
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- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Parliament of New Zealand
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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