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Saturday, 01 October 11
2012 TO BE ANOTHER CHALLENGING YEAR - CEO, REMI MARITIME
 Shipowners are facing another challenging year in 2012 said Mr. Leonidas Polemis CEO of Remi Maritime Corporation, urging caution towards operating costs, limited investments and control over chartering orders. He was among the speakers of a conference organized in Athens this week and titled: “Shipping Today & Tomorrow -International Developments, Trends and Investments in the Greek and International Shipping-Tourism Market”. According to Mr. Polemis the market will begin its comeback during 2013 or even 2014, provided that no more newbuilding orders are placed.
On the issue of shipping finance, Mr. George Gourdomichalis, head of G. Bros Maritime mentioned that things are getting more and more difficult for the backbone of the Hellenic maritime industry, which is comprised of 600-700 small and medium-sized family shipping companies, owning and managing fleets of about 6 vessels each. He also stated that ship values have dropped, which means that the cost of financing is also being increased, given that since the start of 2009, banks have been increasing speads even in older loan deals, while they are also providing finance only to their older clients.
Speaking on the same matter, Mr. Michalis Bodouroglou, President and CEO of New York-listed Paragon Shipping said that ship values are falling, the risk is high compared to the value and there is limited liquidity. On the other hand, as he stressed, the current crisis creates opportunities and businesses with strong balances will emerge reinforced from this situation and will grow even more. Mr. Bodouroglou also provided with a positive note regarding the current difficulties in securing financing, since the reduction in numbers of newbuilding orders, maximizes the prospects of developing the current ones.
An issue which has risen recently revolves around the Hellenic shipowners’ stance towards the country’s troubled economy. Mr. Polemis said that Hellenic shipowners could invest in other sectors of the country’s economy (some are already doing exactly that), like tourism, ports, green energy, natural gas and oil. Still, besides the patriotism they have exhibited they aren’t any different from most investors, in the fact that the Hellenic economy is lacking in institutional and legislative frameworks necessary to attract invesments and a bad public sector. Speaking on the matter, Mr. Bodouroglou said that the Hellenic shipowners are staying in Hellas by choice and ask nothing in return from the State. Hellas is a maritime centre. All banks, all shipbrokers and all shipbuilders are located here. According to Mr. Gourdomichalis, the presence of the country’s maritime industry provides the State with power and prestige when speaking with its piers and investors. Hellenic Shipping represents a market share greated than 50% of the EU and nearly 20% worldwide. It’s the No1 pillar of the country’s economy, with current account balance of over 140 billion euros during the past decade he said.
Mr. Alexandros Tourkolias, deputy CEO of NBG (National Bank of Greece) spoke about the international financial crisis and its implications on shipping, pointing out to the rise of the cost of money, as one of the key problems faced by shipowners and shipping companies. Mr. Tourkolias also talked about the significant improvement of the average age of the Hellenic fleet, which has fallen from 22 years old back in the early 90s to only 15 years old today. Finally, he said that the current debt crisis is causing banks to adopt more cautious strategies in terms of providing loans, while they are also limiting their available capital, ahead of probable recapitalizations.
Mr. Antonis Lamnidis, senior executive with HSBC said that shipping financing has upward and downward cycles, mentioning that the Hellenic shipping industry is in good state, having placed orders for 600 newbuilding vessels, of a total value of $7.5 billion.
Mr. George Xiradakis, CEO of XRTC Business Consultants talked about the growing role and importance that Chinese banks could have in the country’s shipping, helping shipowners in a decisive matter. Having extensive knowledge of the Chinese banking market, Mr. Xiradakis said that the country’s banks are internationalizing and investing heavily in whatever they can get their hands on both in Europe and in Africa. In terms of shipping finance they have increased their exposure providing loans for deals worth $89.3 billion, out of the total of $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
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- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
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