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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, 23 September 11
UT TO PRODUCE 7 MMT OF COAL BY 2012
PT United Tractors Tbk is targeting a 7 million tons of coal production next year, a 55.55% increase from 4.5 millions targeted this year, said Pres ...
Friday, 23 September 11
RECORD RECYCLING ACTIVITY STIRS OPTIMISM IN DRY BULK SAYS BIMCOS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected at the start of the year, dry bulk ship owners were expected to flock scrapyards around the world, in order to take advantage of attract ...
Friday, 23 September 11
PANAMAX EXPERIENCED A SOFTENING IN RATES - FEARNLEYS AS
Handy
Still a good boost of fresh cargoes entering the market. Vessels in Black Sea with GOA clearance and Baltic positions are fetching tick abov ...
Wednesday, 21 September 11
INDIA'S COAL IMPORTS FROM INDONESIA FALL, CHINA BUYS MORE
COALspot.com - Indian coal imports from Indonesia fall to below 6 million tons in August, and this fall was continuing last few months. Ho ...
Wednesday, 21 September 11
2ND ANNUAL SHALE GAS SUMMIT
2nd Annual Shale Gas Summit 31 October – 3 November 2011 JW Marriott Hotel, Hong Kong
According to a recent EI ...
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- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Planning Commission, India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Agrawal Coal Company - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
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