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Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
 It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occurred, with rounds of recapitalizations, consolidations, buyouts and mergers and leaving today 4 major Greek systemic banks which are: National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank. € 8.3billion of Private funds were raised this year between them, allowing them to start expanding their portfolio as the overlooking state control is gradually relaxed, said Intermodal SnP Broker John N. Cotzias in his latest report.
In its latest report, shipbroker Intermodal further said that, the meetings between these banks and the officials of the ECB in Frankfurt last week has launched the final phase of the stress tests. One of the key issues put on the table was that of Greek Shipping loans. The Bank representatives had a direct opportunity to learn and receive clarifications on the details of the procedure and especially on how the findings of the AQR (Asset Quality Review) will blend with the results of the stress tests. Regarding their shipping loans, there were however differences between the Greek Banks’ outlook and that of the ECB, as there are contrasting opinions and predictions as to how the shipping markets will move in the future. Nevertheless the extra scrutiny that the ECB will need to perform in the case of the German Banks, fortunately puts Greek Banks as less of a concern for the time being.
According to Intermodal, it should be noted that the shipping portfolio held by Greek banks exceeds € 8bil, while Greek shipping’s total loans provided by both Greek and foreign banks exceeds € 12bil. According to 2Q2014 results, Piraeus Bank is the leader with a portfolio of nearly € 3bil. National Bank of Greece has € 1.9bil euros while Alpha Bank has € 1.7bil and Eurobank totals € 1bil. Aegean Baltic Bank concludes the list of the top major Greek Shipping banks, holding a portfolio of € 0.3bil.
National Bank of Greece has stated that they are already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already. It seems that it is the first time post crisis that these major Greek Banks are trying to create new accounts instead of providing financing to a selective existing clientele, and the space provided by traditional foreign banks that have withdrawn their presence from Shipping leaves an opportunistic space for Greek Banks to obtain new clients. However despite any premature optimism, we have to note the Greek banks still face an uncompetitive cost of lending, as the cost of obtaining funding is still a bet that needs to be settled.
Intermodal noted, as portrayed in the BlackRock Exercise results published this year, the Shipping portfolio of Greek Banks shows very low loss rates, and the NPL’s are considered the lowest amongst the spectrum of their overall lending. Based on this fact, Greek Bank Ship-lending can soon find the right time to re-enter as vessel values are at levels that can be considered again attractive and the amount of risk involved in bank lending is not that great if done in a prudent manner. In addition all banks continue to proceed with their own restructuring and reorganization, and we expect that by 2015 bank lending will be back to “business as usual”, and will slowly reach within grasps reach for most Greek Ship-owners.
One thing that we have to stress and this comes merely out of our own personal experience, is that from these major Greek Banks, their highly prized experience and knowledge puts them ahead of the crowd in attracting and accepting the “right type” of shipping investment proposals, the shipbroker concluded.
Compiled by:
Intermodal Research & Valuations
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
Thursday, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
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- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
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