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Saturday, 01 October 11
2012 TO BE ANOTHER CHALLENGING YEAR - CEO, REMI MARITIME
 Shipowners are facing another challenging year in 2012 said Mr. Leonidas Polemis CEO of Remi Maritime Corporation, urging caution towards operating costs, limited investments and control over chartering orders. He was among the speakers of a conference organized in Athens this week and titled: “Shipping Today & Tomorrow -International Developments, Trends and Investments in the Greek and International Shipping-Tourism Market”. According to Mr. Polemis the market will begin its comeback during 2013 or even 2014, provided that no more newbuilding orders are placed.
On the issue of shipping finance, Mr. George Gourdomichalis, head of G. Bros Maritime mentioned that things are getting more and more difficult for the backbone of the Hellenic maritime industry, which is comprised of 600-700 small and medium-sized family shipping companies, owning and managing fleets of about 6 vessels each. He also stated that ship values have dropped, which means that the cost of financing is also being increased, given that since the start of 2009, banks have been increasing speads even in older loan deals, while they are also providing finance only to their older clients.
Speaking on the same matter, Mr. Michalis Bodouroglou, President and CEO of New York-listed Paragon Shipping said that ship values are falling, the risk is high compared to the value and there is limited liquidity. On the other hand, as he stressed, the current crisis creates opportunities and businesses with strong balances will emerge reinforced from this situation and will grow even more. Mr. Bodouroglou also provided with a positive note regarding the current difficulties in securing financing, since the reduction in numbers of newbuilding orders, maximizes the prospects of developing the current ones.
An issue which has risen recently revolves around the Hellenic shipowners’ stance towards the country’s troubled economy. Mr. Polemis said that Hellenic shipowners could invest in other sectors of the country’s economy (some are already doing exactly that), like tourism, ports, green energy, natural gas and oil. Still, besides the patriotism they have exhibited they aren’t any different from most investors, in the fact that the Hellenic economy is lacking in institutional and legislative frameworks necessary to attract invesments and a bad public sector. Speaking on the matter, Mr. Bodouroglou said that the Hellenic shipowners are staying in Hellas by choice and ask nothing in return from the State. Hellas is a maritime centre. All banks, all shipbrokers and all shipbuilders are located here. According to Mr. Gourdomichalis, the presence of the country’s maritime industry provides the State with power and prestige when speaking with its piers and investors. Hellenic Shipping represents a market share greated than 50% of the EU and nearly 20% worldwide. It’s the No1 pillar of the country’s economy, with current account balance of over 140 billion euros during the past decade he said.
Mr. Alexandros Tourkolias, deputy CEO of NBG (National Bank of Greece) spoke about the international financial crisis and its implications on shipping, pointing out to the rise of the cost of money, as one of the key problems faced by shipowners and shipping companies. Mr. Tourkolias also talked about the significant improvement of the average age of the Hellenic fleet, which has fallen from 22 years old back in the early 90s to only 15 years old today. Finally, he said that the current debt crisis is causing banks to adopt more cautious strategies in terms of providing loans, while they are also limiting their available capital, ahead of probable recapitalizations.
Mr. Antonis Lamnidis, senior executive with HSBC said that shipping financing has upward and downward cycles, mentioning that the Hellenic shipping industry is in good state, having placed orders for 600 newbuilding vessels, of a total value of $7.5 billion.
Mr. George Xiradakis, CEO of XRTC Business Consultants talked about the growing role and importance that Chinese banks could have in the country’s shipping, helping shipowners in a decisive matter. Having extensive knowledge of the Chinese banking market, Mr. Xiradakis said that the country’s banks are internationalizing and investing heavily in whatever they can get their hands on both in Europe and in Africa. In terms of shipping finance they have increased their exposure providing loans for deals worth $89.3 billion, out of the total of $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 24 October 11
CAPESIZE RENTAL RATES RISE FOR THIRD DAY AS MORE SHIPS HIRED - HELLENIC SHIPPING
Rates to hire capesize vessels advanced for a third day on signs of increased demand to transport iron ore, used to make steel.Daily rates for the s ...
Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
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- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Renaissance Capital - South Africa
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