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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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Sunday, 15 February 15
BALTIC DRY INDEX CONTINUALLY DIPPED IN RED
COALspot.com: The Baltic Dry Index continues its decline and fell 5.18 pct to 530 points week on week due to falling commodity prices and declining ...
Saturday, 14 February 15
SHALE GAS AND TIGHT OIL ARE COMMERCIALLY PRODUCED IN JUST FOUR COUNTRIES - EIA
KNOWLEDGE TO ELEVATE
The United States, Canada, China, and Argentina are currently the only four countries in the world that are producing com ...
Friday, 13 February 15
U.S. WEEKLY COAL PRODUCTION SHOWS 10% DECLINE
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.1 million short tons (mmst) of coal ...
Thursday, 12 February 15
CAPESIZE: THE BEST DESCRIPTION FOR THE MARKET IS, FLAT - FEARNRESEARCH
Handy
The handy and supra market is also being affected by the marginal volume of activity in the commodity sales. We see a small upturn in the T ...
Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
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- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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