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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, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
Wednesday, 07 January 15
FUEL EFFICIENT SHIPS MAKE LESS SENSE IN LOWER BUNKER PRICE MARKET, BUT FUEL COSTS ARE BOUND TO RISE AGAIN
The shipping industry entered 2015 on mixed emotions, as a relatively buoyant tanker market is met by a rather lackluster dry bulk market. Still, a ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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