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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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Tuesday, 27 September 11
A STRONG REBOUND FOR THE CAPE MARKET - BRS
A strong rebound for the Cape market, as cargoes continued to flow into the market and tonnage remained tight in the Atlantic, according to Barry Ro ...
Tuesday, 27 September 11
INTRACO SEALS US$25.3 MIO ORDER - INSIDER STORIES
Insider Stories reported that, Heavy equipment distributor PT Intraco Penta Tbk (INTA) obtained a US$25.3 million order on hand of heavy equipments ...
Sunday, 25 September 11
THE CHARTER RATES FOR INDONESIA TO INDIA WAS FIRM - VISTAAR
COALspot.com - The freight market moved up sharply with the cape Index up by 11 pct pushing the BDI by almost 6 pct and closing at 1,920 point ...
Saturday, 24 September 11
GOVT PLANS TO RENEGOTIATE ALL CONTRACTS INCLUDING FREEPORT - JP
The Jakarta Post reported that, the Energy and Mineral Resources Ministry has confirmed plans to renegotiate all mining contracts including those wi ...
Friday, 23 September 11
ICMA TO BUILD UPGRADE FACILITIES TO ANTICIPATE BAN ON LOW-GRADE COAL EXPORT BY 2014
COALspot.com - January to August of this year, Indonesia’s coal production had already reached 235 million tons. Earlier estimates had targete ...
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- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
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