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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, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
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- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Australian Coal Association
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
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