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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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Thursday, 03 November 11
DRY BULK MARKET OFFICIALLY IN THE RED ON LOWER CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept falling yesterday, on lower iron ore demand, which has caused the industry’s benchmark, the BDI (Baltic Dry Index) to ...
Wednesday, 02 November 11
MMTC TO BUY 3.73 MILLION TONS OF COAL FOR 2011- 2013
COALspot.com - India’s state-owned coal and mineral trader MMTC looking for 3.73 million tons of power plant coal for the period 2011 - 2012/ ...
Wednesday, 02 November 11
PANAMAX MARKET BECAME QUIETER AFTER THE RECENT RECOVERY - BRS
There were substantial losses across the board this week: the BDI lost 6.3% to end at 2,018 and the BCI 8.2% to end 3,274. In the smaller sizes the ...
Tuesday, 01 November 11
BORNEO LUMBUNG BUYS 23.8% INTEREST IN BUMI
COALspot.com - PT. Borneo Lumbung Energi (BORN), an Indonesian coking coal producer announces that it has signed a sale and purchase agreement, cond ...
Tuesday, 01 November 11
BAKRIE FORMS STRATEGIC PARTNERSHIP WITH BORNEO - REDUCING DEBT BY USD 1 BILLION
Press Release - Enhancing the standing of “Indonesia Inc.” at the London Stock Exchange PT Bakrie & Brothers Tbk (“BNBR” ...
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- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
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