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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, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
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- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
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