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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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Tuesday, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has fell ...
Monday, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
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- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- The University of Queensland
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
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