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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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