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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 30 September 11
INDIAN IRON ORE MARKET GETTING ACTIVE - FEARNLEYS AS
Handy
The Atlantic market continued its strong trend with fresh cargoes entering the market. Vessels open US Gulf fixed tick above US$ 27k back to t ...
Friday, 30 September 11
KRISHNAPATNAM PORT WINS GLOBAL PORT & COAL PORT OF THE YEAR AWARDS
COALspot.com - Krishnapatnam Port, a dynamic new generation world class port located in the East Coast of India has been adjudged the winner in the ...
Thursday, 29 September 11
INDONESIA'S MINERS FACE AN UNCERTAIN FUTURE - RUPERT WALKER
An evolving regulatory framework for the country's minerals industry could threaten its profitability and stifle investment.
The five-year surge ...
Thursday, 29 September 11
DRY BULK MARKET FALLS MID-WEEK, FURTHER DROP EXPECTED NEXT WEEK ON CHINA HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, as reflected by the Baltic Dry Index (BDI) retreated by 0.36% yesterday reaching 1,920 points, with the Capesize segment suffer ...
Wednesday, 28 September 11
ATLAS RESOURCES TO SELL 25% STAKE IN IPO - INSIDER STORIES
Insider Stories reported that, coal producer PT Atlas Resources Tbk, that is controlled by Indonesian businessman Andre Abdi, plans to sell 783.33 m ...
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- The Treasury - Australian Government
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
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