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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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- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
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