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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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Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
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- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
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