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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, 17 September 15
LOW DEMAND PUSH COAL SWAP DOWN
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and gain week over week.
The 4Q swap declined $ 1.77 (-4.17%) ...
Thursday, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hope ...
Wednesday, 16 September 15
SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES LED A DECLINE IN INDONESIAN COAL PRODUCTION
COALspot.com: Slower growth in world coal demand particularly China and lower international coal prices have led to a decline in Indonesian coal pr ...
Tuesday, 15 September 15
WORLD SEABORNE TRADE: ENTERING INTO A ROLE REVERSAL? - CLARKSONS
Over the past decade, world seaborne trade growth has been dominated by dry bulk and container trade. However, developments in the global economy t ...
Tuesday, 15 September 15
Q2'16 RICHARDS BAY COAL SWAPS DIP TO $ 51.10 PER TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
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Showing 2811 to 2815 news of total 6871 |
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- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- PTC India Limited - India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
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