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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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Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.2 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Economic Council, Georgia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
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