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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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- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
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