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