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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, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Economic Council, Georgia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
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