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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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- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
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