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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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Monday, 22 August 11
MACRO ECONOMICS - PETER SAND BIMCO / HELLENIC SHIPPING
The US is jeopardising the global recovery as job creation remains top challenge across the board.
Global economy: While growth in most emerging ...
Sunday, 21 August 11
SUPRAMAX AVAILABILITY WAS TIGHT DUE TO UPCOMING RAMADAN HOLIDAYS
COALspot.com - The financial markets have been in turmoil with all major stock exchanges down and uncertainty prevails. However the shipping market ...
Sunday, 21 August 11
TUAH TURANGGA ACQUIRES DUTA NURCAHYA
Coal miner PT Tuah Turangga Agung, a wholly owned subsidiary of PT United Tractors Tbk (UNTR) via PT Pamapersada Nusantara), has agreed to acquire 6 ...
Friday, 19 August 11
INDIAS CICTL HAS ACHIEVED ONE MILLION TONS OF DISCHARGE
COALspot.com - Chettinad International Coal Terminal (CICTL) in Ennore port, a state of the art mechanized coal terminal, which was inaugurated on 28t ...
Friday, 19 August 11
AUSTRALIAS' ATH TO ACQUIRE 60% OF APUAH COAL MINE IN INDONESIA
COALspot.com - Australian listed company, Atech Holdings Limited (ATH) has entered into a conditional binding term sheet to acquire 60 percent stake ...
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- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
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