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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, 03 September 15
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE HBA METHODOLOGY
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) in process to revise Indonesian Coal Price Reference (HBA) and expected to complete b ...
Thursday, 03 September 15
THE CHINESE STOCK MARKET AND THE CHINESE ECONOMY CONTINUE TO SUBSTANTIALLY AFFECT TRADING - INTERMODAL
The last week of the summer season saw the BDI dipping further on the back of another significant drop in rates for Capes, which brought the market ...
Wednesday, 02 September 15
PORT OF NEWCASTLE SHIPPED 13.46 MMT OF COAL IN JULY; UP 0.66 PER CENT M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.224 billi ...
Wednesday, 02 September 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
In the beginning of the summer period SnP activity was firm with numerous buyers, coming mainly from Greece and the Far East, inspecting ships and ...
Tuesday, 01 September 15
FOB INDONESIA COAL SWAPS FURTHER SLIDE TO US$ 40.62 PMT; DECLINE 5.34 PERCENT M-O-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and slightly dropped week over week.
The 4Q swap was declined ...
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Showing 2836 to 2840 news of total 6871 |
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- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
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