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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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Wednesday, 17 August 11
BUMI'S H1 UNDERLYING OPERATING PROFIT $62 MILLION
COALspot.com - Bumi PLC , posted underlying first-half operating profit of $62 million and production at PT Bumi Resources and PT Berau increased to ...
Wednesday, 17 August 11
SHIP OWNERS COULD FACE PAIN ON THE BACK OF GLOOMY ECONOMYS PREDICTIONS - HELLENIC SHIPPING
The latest market turmoil, coupled with the renewed risk of a global recession could very well signal more troubled times for ship owners of all shi ...
Tuesday, 16 August 11
CHALLENGER ENTERED INTO CSPA WITH PELANGI KERTANEGARA TO ACQUIRE 100% STAKE
COALspot.com - Challenger Deep Resources Corp., through its wholly owned subsidiary, P.T. Bestindo Energy, has exercised its option to purchase an a ...
Monday, 15 August 11
ADARO ENERGYS NET INCOME MORE THAN DOUBLES IN FIRST HALF 2011
COALspot.com - Indonesian’s second largest coal producer, Adaro Energy, booked net profit US$ 268 million in the first half 2011, rose two-fol ...
Monday, 15 August 11
INDIAS MALABAR CEMENTS SEEK TO IMPORT 40,000 TONS OF COAL
COALspot.com - Malabar Cements Ltd., India's Keralaa government owned cement factory is seeking to import 40K metric tons of non-coking coal throug ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Minerals Council of Australia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
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