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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 20 October 11
CAPESIZE - TUBARAO /QINGDAO BEING FIXED AT STRONG US$ 29.75 PMT
Handy
The Atlantic market is quite steady, and market seems to be around the same levels as last week. Fewer fixtures reported though. ...
Thursday, 20 October 11
BRACKEN INTERNATIONAL MINING LISTS ON FRANKFURT STOCK EXCHANGE
Press Release - Bracken International Mining (Code:1BM) listed on the Deutsche Börse’s Frankfurt Stock Exchange today at €1.00 with ...
Thursday, 20 October 11
CAPESIZES, SUPRAMAXES LEAD GAINS FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Struggling to find additional support, but still managing to post gains, the dry bulk market has stabilized itself on higher levels again yesterday, ...
Wednesday, 19 October 11
METALLURGICAL COAL PRICES TO DROP BELOW US$240/TONNE - WOOD MACKENZIE
Wood Mackenzie Says Metallurgical Coal Prices to Drop Below US$240/tonne by Q4 2012 But Long-term Demand Fundamentals Remain Robust
Wood Mackenzi ...
Wednesday, 19 October 11
SUPRAMAX MARKET WAS VERY FIRM LAST WEEK - BRS
With all sectors contributing positively, the BDI ended the week at 2,173 points (+8.6%), its highest level so far in 2011. The BCI stood at 3,587 ( ...
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- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Planning Commission, India
- The University of Queensland
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Australian Coal Association
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
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