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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
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- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
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