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Wednesday, 16 September 15
HIGHER TAXES COULD LEAD GREEK SHIP OWNERS OUT OF THE COUNTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 A potential taxation overhaul of the shipping industry in Hellas, which could see the loss of particular tax benefits for ship owners, could lead to them relocating their offices to other countries, in a bid to retain their competitiveness. Capital controls imposed on Greek-based banks has been another reason of concern, leading many owners to register companies in Cyprus as well, in order to carry out basic bank transactions there. Under the latest bailout terms which Greece signed with its creditors, in order to stay afloat, it has pledged to look into the taxation benefits scheme it has set in place for the shipping industry, since the 1950’s. It’s a system which was copied by many other maritime nations ever since and one which helped propel the country’s ship owners to world leaders.
However, even if it’s protected by the Constitution, the country’s next government which will emerge from this Sunday’s elections, will be forced to examine potential changes to the existing framework, all toward seeking out more tax revenue from ship owners, based in Hellas. It’s worth noting, that the country’s Union of Greek Shipowners, in a preemptive strike, went forward and signed a bilateral voluntary agreement with the government, two years ago, under which, shipping will contribute at least $400 million over the next three years and up until 2016.
In the light of these latest developments, a lot of ship owners in the country are alarmed, especially when things like the abolishing of tax benefits, like zero tax in revcnues earned from ship sales, are set to be in the table of negotiations with the new government. After all, tonnage tax increases, although not welcome, are just a blip for most ship owners. As such, maritime clusters left and right have been involved in heavy lobbying over the course of the past couple of months, in an effort to attract more ship owners.
One of the latest ones is the newly relaunched Vancouver International Maritime Centre (VIMC), which already held a presentation towards Greek owners during London International Shipping Week (LISW), while another one was expected to be held yesterday (Monday the 14th of September), in Athens as well.
Vancouver executives have been touting of changes to Canada’s Income Tax Act which have redefined shipping activities to include a broad range of corporate activities, so foreign companies can manage their international shipping businesses from Canada, without their Canadian or foreign activities being subject to tax in Canada. VIMC promotes Vancouver as a location for international shipping companies, and assists interested companies in developing their operations as the gateway to the Asia Pacific.
It’s worth noting that a total of 668 shipping companied operate from Hellas, down by 22 on the year, or an annual decline of 3.2%, based on the latest date from Petrofin Research. Since 2011, the total companies have fallen by 94 or 12%. At the same time, 25+ vessel fleets constitute now over half of the Greek total in DWT terms (55%), and the number of the companies that run them has gone up to 40 from 35. Almost 30m tons DWT have been added to these fleets in just one year. Since 2011, the 25+ vessel fleets have gone up from 34 to 40. Also, the big are getting bigger and younger. The top category of 25+ vessel fleets aged 0-9 years has expanded significantly from 90,605,209 tons DWT in 2013 to 124,048,654 tons DWT in 2014 (up 33.5m tons DWT or almost 37%). The companies that run them are up from 14 to 22. Another Petrofin Research finding is that over 1m ton owners are up to 74% from 71.33% of the entire fleet and their number is now 63 from 61 last year and 60 in 2012. Smaller companies (with 1-2 vessel fleets) continue to reduce. Since 2011, the total number has fallen from 350 to 274. Over the last 17 years of Petrofin Research, the overall number of Greek companies has declined by almost 28%. Petrofin concludes that whilst fleet consolidation in terms of the total Greek owners is still taking place, the overall fleet DWT size is growing fast and its age is falling. However, despite the last 6 years’ difficult market conditions and lack of bank finance, the Greek fleet has exploited market opportunities and has demonstrated a deep commitment towards the future of Greek shipping.
Meanwhile, according to data from the Union of Greek Shipowners, despite recession, overtonnaging, an unstable freight market, reduced access to ship financing from banks, the Greek-owned fleet in 2014 increased in tonnage (dwt) and slightly decreased in the number of vessels. The Greek register accounted for 798 vessels (over 1,000 gt) amounting to 42,237.574 gt. The Greek-owned tonnage maintained the first position internationally. The Greek-owned fleet accounted for 3,885 vessels (ships over 1,000 gt) of 284.77 million dwt, representing 17% of total world dwt. The Greek flag fleet ranks seventh internationally (in terms of dwt) and second in the (EU) (in terms of gt). The Greek-owned fleet under EU flags accounts for 46.48% of the EU dwt tonnage. Moreover, Greek owners control 26.49% of the world tankers fleet (crude oil tankers), 18.82% of the world bulk carriers fleet and 14.28% of the world chemical and products tankers fleet in terms of dwt (excluding ships currently on order). In 2014, despite the persisting economic crisis, the Greek economy’s foreign exchange earnings from shipping slightly increased to 13.1 billion euros, compared to 12,08 billion in 2013, i.e., an increase of 9.04%, while shipping provided 192,000 jobs directly or indirectly on ships and ashore in the maritime cluster.
Most recently, Dubai Maritime City Authority (DMCA), the government authority charged with regulating Dubai’s maritime sector, highlighted the competitive advantages of emirate’s maritime sector to ship owners in Hellas. In a relative seminar, DMCA showcased Dubai’s emergence as one of the world’s leading maritime clusters, underlining the most prominent investment opportunities available within its maritime sector as well as the numerous benefits it offers to the Greek companies working in the sector. According to a recent international survey by Menon Business Economics Group, on the other hand, predicts that Dubai will be among the world’s top seven leading maritime centres over the next five years. Dubai is ranked as one of the five largest port operators in the world by headquarters. It is also among the world’s Top 10 in terms of both the size of ship owners’ fleets and size of fleets managed from the city, as a centre for port and logistics services; as a provider of world-class specialized logistics services; by volume of twenty-foot equivalent units (TEU) handled in city ports (2013); and by the number of maritime legal experts practicing in the city (2013).
The gathering provided an overview of Dubai’s plans to become a maritime haven along with its potential for the Greek maritime companies planning to establish or expand their operations in the emirate.
Amer Ali, executive director, Dubai Maritime City Authority, said: “Since launching its Maritime Sector Strategy (MSS) in 2012, Dubai has firmly strengthened its position as the Middle East’s top maritime hub. Dubai has achieved tremendous success in laying out world-class infrastructure and services, upholding the sector’s sustainable development, and introducing business-centric regulations.” “Our seminar in Greece was a prime opportunity for us to showcase the strengths of Dubai’s maritime sector and inform participants about how the world’s shipping players can enjoy even more growth through our exceptional maritime expertise and resources,” he added. The seminar was held in cooperation with Vardikos & Vardikos, a Greek international law firm based in Athens, and Al Tamimi & Company, the largest law firm in the Middle East.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 01 October 15
SOUTH KOREA'S KOMIPO SEEKS SPOT BITUMINOUS COAL SUPPLIES
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 265,000 Metric Tons (MT) of minimum 4,600 kcal ...
Wednesday, 30 September 15
Q1'16 FOB INDONESIA COAL SWAP FALLS $1.25 A TON AS SLIDE CONTINUES
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 0.72 (-1.78%) per t ...
Wednesday, 30 September 15
NEW BUILDING MARKET INSIGHT
COALspot.com: This year has been, beyond any doubt, a rather strenuous one for the newbuilding market. Ordering activity with regards to Dry Bulker ...
Tuesday, 29 September 15
FOB RICHARDS BAY COAL SWAPS ARE SLIDING
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
Monday, 28 September 15
API 5 FOB NEWCASTLE COAL SWAPS UP $2.15 IN ONE MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery increased $2.10 per ton (5.15%) month over month to US$ 42.93 per ton. The ...
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- Commonwealth Bank - Australia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
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