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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Wednesday, 03 September 14
CFR S.CHINA COAL SWAP FOR JAN 2015 DELIVERY CLOSED AT $ 68.30 PMT; DOWN 2.43% W-O-W
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.95 (-1.39%) day on day and US$ 1.40 (-2.03%) week on wee ...
Tuesday, 02 September 14
BERAU COAL HAS AWARDED A CONTRACT EXTENSION TO BUMA FOR 647 MLN BCM OVERBURDEN REMOVAL
COALspot.com: PT Delta Dunia Makmur Tbk (“DOID”) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama (&l ...
Monday, 01 September 14
GLOBALCOAL WELCOMES TWO NEW MARKET MEMBERS
COALspot.com: globalCOAL® announced today that two Market Members have joined its trading community. Both new Market Members are from the India ...
Sunday, 31 August 14
COAL FREIGHT RATES INTO INDIA FROM INDONESIA FIRM
COALspot.com: The freight market continued to firm this week. BDI up 5.42 percent week ended 29 August and closed at 1147 points while the Ca ...
Saturday, 30 August 14
INDIAN GOVERNMENT SHOULD TAKE NOTICE: THERMAL COAL IMPORT PRICES EXTREMELY LOW - COMMODORE RESEARCH
COALspot.com: Both Indonesian and Australian thermal coal prices are at the lowest levels seen this decade, with Indonesia's monthly benchmark ...
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- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
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