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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, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
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- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
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