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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Monday, 15 September 14
CFR SOUTH CHINA COAL SWAP GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 2.30 (-3.36%) month over month, but increased day on day a ...
Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- Intertek Mineral Services - Indonesia
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- Parliament of New Zealand
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- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- The University of Queensland
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- Metalloyd Limited - United Kingdom
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- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
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- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
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- Meralco Power Generation, Philippines
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- Indonesian Coal Mining Association
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- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
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- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
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- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
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- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
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- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
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- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
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- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
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- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
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- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
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