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