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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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Thursday, 08 September 11
PETROSEA ADDS US$730 MIO CONTRACT
Coal mining contractor PT Petrosea Tbk (PTRO), a majority owned subsidiary of energy integrated company PT Indika Energy Tbk (INDY), has secured a U ...
Wednesday, 07 September 11
ANOTHER EXCEPTIONALLY STRONG WEEK FOR THE CAPESIZE MARKET - BRS
The very strong rise in Cape rates pushed through an overall improvement in the BDI this week, although relatively little benefit from the Capes has ...
Wednesday, 07 September 11
INDIA HIT BY INDONESIAS COAL PRICE - TEMPO INTERACTIVE
TEMPO Interactive, an Indonesian online news portal reported that, The Indian government has complained about the price increase of Indonesian coal, ...
Wednesday, 07 September 11
SAMPUR POWER AGREEMENT SIGNED - DAILY NEWS
Daily News, Sri Lank's national news paper reported that, the agreement for the setting up of a 500 MW coal-fired power plant at Sampur, Trincomale ...
Tuesday, 06 September 11
INDONESIAS PROPOSED COAL EXPORT BAN MAY HAVE IMPACT ON THE INDIAN POWER SECTOR - DIPESH DIPU
COALspot.com - This is a special interview about Indonesian proposed coal export ban by 2014, with Mr. Dipesh Dipu, Director of Deloitte Touche Tohm ...
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- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- SMG Consultants - Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
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