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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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Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
Wednesday, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
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- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
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